Tuesday, March 19, 2024

Apple in Talks to Acquire Jay Z’s Streaming Service Tidal

Jay Z at TIdal launch (Picture: Getty Images)
Jay Z at the Tidal launch

*Apple is currently in talks to acquire Jay Z’s music streaming service Tidal, according to the Wall Street Journal.

Citing unnamed sources, the paper called the talks “ongoing” and said they may not lead to an actual deal. The news follows reports that Tidal has been shopping for potential buyers, including talks last year with Napster, the company formally called Rhapsody.

The sale of Tidal, which Jay Z launched last year with support from artists including Kanye West, Rihanna and Madonna, would bring about consolidation in an increasingly competitive music streaming space.

Via Billboard:

Spotify remains the largest service with 30 million subscribers. Apple joined the fray in 2015 with Apple Music and already boasts 15 million members. Tidal, meanwhile, has more than 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.

But the service has also seen a wave of staff departures with Toig, formerly of SoundCloud, stepping in as its third chief executive. Still, sources tell Billboard that Jay Z, who bought the fledging service from Sweden-based Aspiro in January 2015, is committed to Tidal.

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