Rumors: Apple In Talks To Acquire Tidal
June 30, 2016 at 5:11 PM (PT)
Multiple media sources are reporting that APPLE INC. is in exploratory talks to acquire TIDAL, the streaming-music service run by rap mogul JAY Z. The WALL STREET JOURNAL reports that while talks are ongoing and that APPLE likely believes adding TIDAL's star power would bolster its APPLE MUSIC service, consummating such a deal is not a sure thing.
JAY Z bought the service in MARCH 2015 for $56 million from Swedish company ASPIRO, rebranded it TIDAL and brought in 19 famous artists and bands, including MADONNA and KANYE WEST, as minority equity investors. , Boasting 4.2 million paying subscribers, Tidal charges $20 a month for a high-fidelity version of its 40-million-song catalog or $10 a month for standard-quality sound.
The service's launch has been buffeted by management turmoil, having shuffled through three CEOs in less than a year. Former SOUNDCLOUD exec JEFF TOIG has been CEO since JANUARY.