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Business

Apple in talks to buy Jay Z's Tidal - WSJ

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Opening sequence

Business

Apple in talks to buy Jay Z's Tidal - WSJ

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COMING UP:Apple in talks to buy Jay Z's Tidal - WSJ

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Transcript

00:00:02
>> Apple looking to add to the music all star team had brought in from Beats music with the potential purchase of Jay Z streaming service, Tidal, according to the Wall Street Journal. The move would help boost its own streaming service Apple Music built largely through the Beats acquisition and put two hip hop titans under one roof.
00:00:21
Beats founder Dr. Dre and Tidal owner Jay-Z along with his stable of mega-stars, including wife Beyonce, and a guy named Kanye, who's stirring controversy again with a video on Tidal, featuring nude likenesses of big name ranging from Donald Trump to Taylor Swift. Reuters Jennifer Saba says access to Tidal talent pool may be what's driving Apple.
00:00:45
>> The idea is that they would have an easier time negotiating with music rights, which is a huge sticking point for these online streaming music services.>> Jay Z bought Tidal last year for $56 million from a Swedish company and gave a bunch of artists stakes in it, promising them millions of dollars worth or marketing according to a journal source.
00:01:05
A subscription only service, it's also the only streaming site offering music from the late icon Prince. Still, it's fail to catch fire. Claiming just over 4 million subscribers and going through three CEOs in just a year.>> So, what's in it for Tidal could be money. Apple's sitting on 150 billion in cash.
00:01:24
Jay Z may be thinking, hey listen this is an uphill battle. Maybe I'm better off joining forces with Apple.>> Apple Music by contrast says it has 15 million paying customers. Still a far cry from where it wants to be. Streaming leader Spotify has 30 million. Bringing Tidal into the fold may help.
00:01:43
Assuming everybody plays nice. Will Jay-Z and Kanye get in the same sandbox as Dre? For now Tidal is in denial, telling The Journal no talks between the companies have taken place.