Flip and get more details on the possible sale of Tidal…
Hov bought the company for $56 million last year in hopes it would dominate the music scene. It has NOT, but now worries because tech giant Apple might take over.
The Wall Street Journal reports:
Sources close to the deal tell the newspaper that negotiations are ongoing and may not result in a deal, and the terms are as yet unknown. Insiders say Apple executives are eager to use Tidal’s strong ties to top artists in an attempt to grow their own Apple Music service.
After winning the bid to purchase Tidal from Swedish company Aspire, Jay Z staged a high-profile brand relaunch last March (15). He enlisted the help of stars such as his wife Beyonce, Madonna, Rihanna and Alicia Keys for the event, but the huge promotional push failed to give Tidal the boost it needed.
The streaming site has faced waves of criticism since then, with fans and artists fearing the company’s high subscription fees and lack of a free service have driven music-lovers back to illegal downloads.
Jay Z was also accused of designing the service to line the pockets of super-rich artists instead of focusing on the needs of fans, but he defended Tidal by insisting it also provides more money for the writers and producers behind hit tracks.
The music site has also gone through major management shifts with three different CEOs at the helm since the rapper bought the company.
Apple previously made a deal with another hip-hop star in 2014 when they purchased Dr. Dre’s Beats Electronic for $3 billion.
Currently Jay Z Net Worth: $610 Million In 2016, so the sale of the streaming music site could possible put him next to Dr Dre.