Apple doesn't want TIDAL, maybe because it's haemorrhaging cash
Apple, rumoured to be interested in buying TIDAL service, is definitely not in the market for Jay Z's streaming service.
Speaking to Buzzfeed News, Apple Music head honcho Jimmy Iovine says: “We’re not looking to acquire any streaming services. We’re really running our own race.”
Perhaps this is because TIDAL recently posted a net loss of $28 million in 2015. This is up on 2014's worrying numbers ($10.4 million), and it's definitely not something Apple would be keen to absorb.
TIDAL however did boost profits by 30% to $47 million.
Apple Music itself recently reported a jump of two million in subscriber numbers over the past three months.
TIDAL has scooped exclusives with Beyoncé, Prince, Kanye West, Rihanna, and more in recent months while Apple Music has its own deals with the likes of Drake and Frank Ocean. Both could have trouble securing these kinds of distribution deals in the future, at least if the Universal Music Group CEO has his way.
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