Jay-Z is officially entering the high-quality streaming music industry. The New York Times reports he has put in, through his Sean Carter Enterprises (SCE), a $56 million offer for Aspiro, a Swedish company that controls high-quality streaming services Wimp and Tidal, which has already received preliminary approval from the Aspiro board.

Jay-Z is now known as more than just a rapper, as he has tackled the business of music, nightclubs, basketball team ownership, and athlete representation.

“Aspiro is a media technology company in the forefront of the ongoing redefinition of music consumption,” the SCE spokesperson tells Rolling Stone. “Through the subscription services WiMP and TIDAL, Aspiro offers a complete experience of higher HiFi quality. The platform encompasses audio, video and integrated editorial features.”

The spokesperson also went on to say, “…recent developments in the entertainment industry, with the migration to media streaming, offers great potential for increased entertainment consumption and an opportunity for artists to further promote their music…”

There is no guaranty that the transaction will go through, since the Aspira acquisition is still subject to shareholder approval. If the transaction did go through SCE would be acquiring 512,000 paying users through Wimp. The number of Tidal users has not been revealed, but subscribers pay a monthly fee of $20 for the service. This is double of Spotify’s Premium rate.