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Apple may acquire Tidal for half a billion dollars
Rumors about tech giant Apple’s intention to acquire music-streaming service, Tidal, have been swirling over the weekend and seem to be getting hotter.
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Rumors about tech giant Apple’s intention to acquire music-streaming service, Tidal, have been swirling over the weekend and seem to be getting hotter. (Shutterstock/-)
R
umors about tech giant Apple’s intention to acquire music-streaming service, Tidal, have been swirling over the weekend and seem to be getting hotter.
Sources of The Wall Street Journal say the talks may not result in a deal, however much speculation may arise, based on Apple’s earlier US$3 billion investment in headphone company Beats by Dre in 2014.
(Read also: Apple releases software for medical apps)
Presently, Tidal is owned by rapper/entrepreneur Jay-Z, and has a number of the world’s most well-known music artists signed exclusively with the company. The artists include Kanye West, Beyonce, Madonna, Coldplay and many more.
Jay-Z acquired Tidal in 2015 for $56 million, and the current valuation of the company is $500 million, making the business seem sexier. However, the music-streaming service only has 4.2 million subscribers, a far cry from Apple Music’s 15 million subscribers.
(Read also: Apple's new iDevices say: Small is beautiful, too)
Other popular speculation revolves around the immediate addition of music artists into the Apple Music roster and the possibility of Apple’s move to keep up with Spotify’s 30 million paid subscribers.
