Apple in Talks to Acquire Jay Z’s Tidal Music Service
Apple Inc. is in talks to acquire Tidal, a streaming-music service run by rap mogul Jay Z, according to people familiar with the matter.
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 and Madonna.
The talks are ongoing and may not result in a deal, these people said. Terms of the potential deal aren't known.
Jay Z bought the service in March 2015 for $56 million from Swedish company Aspiro, which had created the brand Tidal. 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 hadn’t held talks with Apple.
Tidal charges $20 a month for a high-fidelity version of its 40 million-song catalog or $10 a month for standard-quality sound. Tidal said it has 4.2 million paying subscribers, most of whom it amassed this year with a string of exclusive releases from stars including Mr. West, Rihanna and Beyoncé, who is Jay Z’s wife.
Tidal is also the only service offering the catalog of the late pop star Prince, who was wary of other streaming services but had a close relationship with Jay Z. Prince died in April at the age of 57 of an overdose.
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