Apple in Talks to Buy Jay Z’s Streaming Service, TIDAL
The Wall Street Journal reports that Apple seeks to recruit TIDAL as a means of boosting their influence with TIDAL’s varsity lineup of talent, which extends as far as Madonna. Both parties are still in talks, terms of the potential deal are not known, and nothing has been set in stone.
Jay Z purchased the service from Aspiro, a Swedish media technology company, in March 2015 for $56 million. According to inside sources, he has given 19 artists and bands small stakes in TIDAL and promised them “millions of dollars worth of marketing.”
Since its inauguration last year, TIDAL has seen three chief executives and has not brought in significant revenue with its low subscription numbers, but it has garnered a reputation for being an artist-friendly brand with hi-fi sound quality.