Apple Inc. is reportedly in negotiations to acquire the streaming-music service run by the rap mogul.
- Jul 1, 2016
AceShowbiz - Apple Inc. is considering an acquisition of Jay-Z's streaming-music service Tidal, according to a new report. The acquisition, alongside Jay-Z's portfolio of popular artists such as Kanye West and Madonna, would beef up Apple Music.
People familiar with the matter tell Wall Street Journal that the negotiations are ongoing and may not result in a deal. Apple is exploring the idea of bringing on Tidal to bolster its Apple Music service. Terms of the potential deal are unknown.
Apple hasn't commented on the report while a spokesman for Tidal says Tidal executives had not held talks with Apple.
Jay-Z bought Tidal in March 2015 for $56 million from Swedish company, Aspiro and launched the service under the new brand a month later. Upon the launch, the rapper bragged about the service offering artists higher royalties than any other streaming platforms.
The company, however, was recently sued for allegedly not paying independent artists proper royalties and violating copyright. John Emanuele from the duo American Dollar and the group's indie label Yesh Music Publishing filed a $5 million lawsuit against Tidal and Hov's Shawn Carter Enterprises back in March. They alleged that the streaming service had licensed at least 118 of the duo's songs without their permission and had not paid them any royalties for streams on those songs.
