Apple is in talks to purchase Tidal from Jay Z: Report
Apple is reportedly in talks to acquire Jay Z’s Tidal music streaming service to bolster its Apple Music portfolio and build better ties with more artists.
Tidal was purchased for $57 million from Aspiro by Jay Z. He also managed to get various other artists, including Kanye West and Beyonce, to take small stakes in Tidal, offering them millions in marketing in return.Read more ↓
The Washington Post reports that talks are ongoing but that a deal may not actually go through. A Tidal spokesperson has said however that no such talks have taken place.
Apple Music is betting big on exclusive albums and releases and is willing to invest in that belief. Tidal, which has a reputation for being very artist friendly, has strong ties with the artists it works with and has even bagged a whole slew of exclusives from its partners. The Washington Post points out that Tidal is the only service that’s offering Prince’s entire catalogue.
Tidal offers music streaming services in two tiers. A $20 per month tier offers high-quality audio streaming while a $10 per month tier offers standard quality audio streaming. There is no free option and despite that, the service already boasts of 4.2 million subscribers. Artists are also keen on the service as they have complete control over their inventory, that and the fact that paid subscriptions are far more lucrative than ad-supported ones.
Apple Music by contrast offers a $9.99 a month subscription for individuals and a $14.99 a month subscription for families. They also offer a free, ad-supported radio service. So far, Apple has managed to bag 15 million subscribers.
The biggest player in the streaming music space is, of course, Spotify, which currently boasts of 30 million paying subscribers and 70 million free users. As various reports point out however, artists aren’t too happy with Spotify because they lack control over their music. Many artists, Adele included, are not offering their latest albums on the platform.
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