The head of Apple Music, Jimmy Iovine, debunks rumors suggesting that they are trying to buy Jay-Z's music streaming service.
- September 16, 2016
AceShowbiz -
Apple shuts down rumors that they're looking to acquire Tidal which was bought by Jay-Z from a Swedish company for $56 million last year. "We're really running our own race," Apple Music's head Jimmy Iovine told BuzzFeed. "We're not looking to acquire any streaming services."
Despite its exclusivity with big artists like Kanye West, Rihanna and Beyonce Knowles, Tidal suffered an estimated net loss of $28 million in 2015. It's a stiff competition in the streaming service world. Based on the amount of subscribers, Spotify wins with 40 million while Apple has 17 million and TIDAL follows with 4.2 million.
In July, Apple was rumored to buy Tidal from the Jiggaman. Kanye later urged both companies to end their feud because it's "f**king up the music game." Yeezy tweeted, "F**k all this d**k swinging contest. We all gon be dead in 100 Years. Let the kids have the music. Apple give Jay his check for Tidal now and stop trying to act like you Steve [Job]."
