Apple is allegedly in talks to acquire Tidal, a streaming-
music service run by rapper and business mogul Jay Z.
Buying Tidal would give Apple Music one less competitor in
the streaming music space.
According to The Wall Street Journal, the news came after
various reports that Tidal has been shopping for potential
buyers, including holding talks last year with Napster, the
company formally called Rhapsody.
According to unnamed sources, Apple is exploring the idea
of bringing on Tidal to bolster its Apple Music service
because of Tidal’s strong ties to popular artists such as
Kanye West, Rihanna and Madonna.
Terms of the potential deal aren’t known.
Jay-Z bought the service in March 2015 for $56 million
from Swedish company Aspiro. He launched the service
under the brand Tidal a month later. He has given 19
famous artists and bands small stakes in Tidal and
promised each millions of dollars worth of marketing,
according to people familiar with the matter.
A Tidal spokesman said Tidal executives had not held talks
with Apple.
Spotify still remains the largest service with 30 million
subscribers.
Tidal, meanwhile, doubled its subscriber base in the last six
months, from 1 million to just over 3 million, according to
CEO Jeff Toig, largely on the strength of its artist exclusives
with the likes of West and Beyonce
An Apple spokesman declined to comment. Tidal
representatives have also kept mum about the supposedly
on going talks.
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