Apple in talks to acquire music streaming service Tidal

LOS ANGELES — Apple is in negotiations to acquire Tidal, the struggling streaming service owned by hip-hop mogul Jay Z, reported Wall Street Journal on Thursday (June 30).

While talks may not result in a deal, Apple is the latest tech giant to kick the tires of Tidal.

Samsung has been in at least one round of talks with the company. Google and Spotify have also reportedly approach regarding partnerships.

Apple has its own entry in the streaming music category with Apple Music, which hurt Tidal’s chances of survival by gaining 11 million subscribers in less than a year. On the other hand, Tidal has only garnered about 4 million subscribers, despite its roster of star-studded backers.

Kanye West, Beyonce and Chris Martin are just a few of the chart-topping artists behind Tidal, which has attempted to gain a following by getting exclusive content from its artistes. West recently released a buzzed-about music video, Famous, that attracted a new wave of attention to the platform.

Despite the affiliation of top talent, Tidal has been subject to non-stop turbulence since its launch, going through three different CEOs in less than a year. In March, the company ousted its COO and CFO as well.

Apple has experience making flashy acquisitions of music companies backed by hip-hop moguls. CEO Tim Cook moved to snap up the Dr Dre-backed Beats Electronics just over two years ago for US$3 billion (S$4.03 million).

Reps for Apple and Tidal have yet to respond to inquiries. REUTERS