The world’s largest technology company wants to acquire Tidal. According to a people familiar with the matter cited in the Wall Street Journal, Apple is interested in buying Jay-Z’s music streaming service.
Apple Music recently celebrated one year in the game with 15 million paying subscribers and a dramatic redesign in the works. Meanwhile, Jay-Z himself bought Tidal last year for $56 million. His service currently has just over four million paying users.
Apple also owns Beats by Dre, and the iconic Dr. Dre has been involved in aspects of Apple Music. The acquisition of Tidal—assuming it retained Jay-Z and his ensemble of Tidal rappers, such as Kanye West, as ambassadors—would place some of hip-hop’s all-time greatest under one streaming service, so it’s easy to see why Apple is tempted.
However, the sources admit talks are not deep in, suggesting that if a transaction does occur, it probably won’t be soon.
Spotify, the current market leader, has 30 million paying subscribers since launching a decade ago. But it is not yet profitable.