Technology giant Apple is reportedly in talks to purchase hip-hop mogul Jay Z‘s TIDAL streaming music and entertainment service.
According to reports, Apple is looking into the possibility of making the headline-generating power move.
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. (Wall Street Journal)
Some reports suggest Jay Z’s name attached to TIDAL could be a huge factor in the potential deal going down.
Tidal has about 4 million paying subscribers, according to the WSJ. (For context, Apple Music has 15 million.) Those can’t automatically be moved over to Apple Music, but Apple should be able to persuade many of them to come over. It has whatever Jay-Z brings to the table for consumer marketing and artist relationships. (Recode)
TIDAL partner T.I. recently talked to SOHH and compared its services to competitors like Apple Music.
“I think it’s already distanced itself from the other platforms simply because we have more unique usages. There are things that you can come to TIDAL for that you can’t go to the other two services and get. There are things that you can get on the TIDAL platform that you cannot get anywhere else. It exceeds exclusive music. Although it includes exclusive music, I don’t know anywhere else where you can go and get something that’s comparable to the TIDAL X performances or concert series. I don’t know of another platform where you can go get that. I don’t know of another platform where you could go get exclusive content like “Money & Violence” that has a cult following and dynamic feel of the culture and the community. I think it’s diverse in a way that sets itself apart from many of the other considerable mentions in this league.” (SOHH)
Spring reports claimed Apple Music had grown by 2 million followers since the winter.
Apple Music has reached 13 million subscribers, CEO Tim Cook announced during an earnings call today. The music streaming service has picked up around 2 million subscribers since February when the company announced it had reached 11 million subscribers. (The Verge)