Spotify also has its eye on Jay Z’s streaming service.
Jay Z’s streaming service 16-month-old TIDAL may be sold to Samsung for an undisclosed amount.
The company has a longstanding partnership with Jay, who recently negotiated a $28 million deal with the phone giant to sponsor Rihanna’s latest album ANTi and upcoming tour. They’re expected to have a large presence at this Sunday’s Oscars, and are eyeing a spot in the music streaming industry by gobbling up TIDAL.
“Samsung is re-engaging; they are working on something really big, and they’re keeping it very quiet in case it leaks,” said a source to TIDAL to The Post.
A spokesperson for Samsung said: “It is our policy to not comment on rumors or speculation.”
The Post claims Google and Spotify have their sights set on TIDAL as well – although it’s struggling, they believe it’s a formidable service. “Spotify has discussed creating an initiative that could produce a Tidal ‘powered by Spotify’ partnership rather than an acquisition.”
TIDAL may take them up on the offer. In recent months, the platform has experienced several setbacks, including releasing Rihanna’s album earlier than expected, management shakeups, paying royalty bills late and the pirating scandal surrounding Kanye West’s The Life Of Pablo, which lost $10 million in sales due to the exclusive. “Tidal certainly needs a new home to stay alive,” said a music industry insider.
There’s a rumor Beyonce and Jay Z will release their collaborative project exclusively on TIDAL which is worth an estimated $100 million.