The music streaming company Jay Z bought for $56 million last month is now worth $250 million

Jay Z completed his acquisition of Swedish music streaming company Aspiro in March, paying out $US56 million. Now, just weeks after his bid was accepted, Aspiro is valued at $US250 million, the New York Post reports.

Sprint, and its parent company Softbank, have reportedly invested in Aspiro, and own a minority stake in the company.

Jay Z relaunched Aspiro’s main streaming site, Tidal, at a star-studded event in New York. He was joined on stage by a collection of the biggest names in music, including BeyoncĂ©, Kanye West, Daft Punk, Jack White and more.

It looks like Jay Z’s star power has paid off, as Aspiro is reportedly valued at around $US250 million. The New York Post also says that Tidal has gained 100,000 paying subscribers since the New York press conference. It had just 35,000 subscribers before the Jay Z acquisition.

Sprint is partnering with Tidal to bring the streaming services to phones using the network. It sounds like Sprint is going to bundle a Tidal subscription in with the cost of a phone contract, as a Sprint employee said there are “specials” on the way.

NOW WATCH: How To Listen To Your Entire Music Library Anywhere

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.