Apple says it won't be buying Tidal anytime soon
Jimmy Iovine tells BuzzFeed News that Apple won't be buying any streaming service.
A few months ago, the Wall Street Journal reported that Apple was in acquisition talks with Tidal, a music streaming service helmed by Jay-Z as well as a number of prominent musicians. Yesterday, however, those rumors were shut down. In an interview with BuzzFeed News, Jimmy Iovine, the head of Apple Music, said: "We're not looking to acquire any streaming service." He did not indicate that there weren't any talks, but it does seem that a Tidal acquisition is off the cards, at least for now.
Some have said that a Tidal acquisition seemed like a good fit to not only increase Apple's prominence in the streaming music industry, but to also remove competition when it comes to exclusives especially from the likes of Beyonce and Kanye West. Further, it seems as if Tidal is in need of at least some financial assistance, as it recently reported a $28 million loss in 2015. Tidal's subscription numbers of 4.2 million also pales in comparison to Apple Music's 17 million. Both have quite a ways to catch up to Spotify's 40 million base, but a combined force could've helped.
Apple Music recently reported a 2 million user uptick in just the past three months. It also teased an Apple Music redesign and touted its own line of exclusives from artists such as Taylor Swift, Frank Ocean and Drake.
