Date of News: July 1, 2016
Source of News: http://nypost.com/2016/06/30/apple-may-be-interested-in-buying-tidal/
Apple is reportedly in talks to buy Tidal — the music-streaming service run by rapper Jay Z — as its Apple Music app escalates a nasty battle against Spotify. The tech giant is interested in Tidal’s strong ties to big-name artists like Kanye West and Madonna, the Wall Street Journal reported late Thursday, citing unnamed sources. The talks are “exploratory,” ongoing and may not result in a deal, according to the paper. Terms under discussion couldn’t be learned. After buying Tidal for $56 million in March 2015, Jay Z corralled a who’s who of top artists to supply exclusive content, including wife Beyoncé, Rihanna, Prince, Nicki Minaj, Alicia Keys and Daft Punk. Jay Z has given small ownership stakes in Tidal to these artists while promising them millions of dollars in marketing in a bid to expand the service, according to sources. A Tidal’s spokesman denied talks between Apple and Tidal execs. The report comes as Apple Music ramps up a fierce battle against the music-streaming leader Spotify. In a testy letter to Apple that it distributed on Capitol Hill earlier this week, Spotify accused Apple of blocking a new version of its app, calling it an “anticompetitive” move. Apple is “causing grave harm to Spotify and its customers” by recently rejecting an update to Spotify’s iOS mobile app, Spotify’s legal chief, Horacio Gutierrez, griped in the letter this week to Apple’s head lawyer, Bruce Sewell. (More at Source).