Samsung has no plans to acquire Jay Z’s Tidal music service, the company told Variety Friday.
“The rumor of Samsung acquiring Tidal is not true,” said Samsung spokesperson, breaking the company’s silence on the matter. This comes after months of reports about conversations between the two companies.
Rumors about Samsung looking to acquire Tidal were first fueled by Tidal owner Jay Z stopping by Samsung’s campus to meet with the company’s executives last October. The New York Post reported last month that the two parties had picked up talks again.
Jay Z acquired Tidal for $56 million a little over a year ago. The streaming service has been struggling with management and marketing issues following the acquisition; it appointed its third CEO in nine months in December, and fired its COO and CFO earlier this month.
However, in recent months, Tidal has seen solid growth, thanks to a number of high-profile exclusives. Most recently, Kanye West released his new album “The Life of Pablo” exclusively on the service. And in January, Tidal released Rihanna’s “Anti” album days before other services, which led to 1 million users signing up for a trial of the service. Samsung participated in that promotion, leading many to suspect that bigger things were coming for the two companies.
Samsung itself has been struggling for some time to build a music offering that could compete with the likes of Apple Music and Spotify. Two years ago, Samsung launched a Pandora-like streaming service dubbed Milk Music exclusively to users of its devices. But now, all signs point to Milk Music being shuttered in the coming weeks, as Variety reported earlier Friday.
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Why in heaven’s name would you invest a penny in Tidal, unless it was a full-on fire sale?
Apple Music is going to rule this sector – Samsung would likely make more money if they gained some type of commission using Apple Music than trying to aquire a company and go it alone. Spotify, Pandora, Milk Music, Tidal etc will all be footnotes when the dust settles in a few years. Apple is doing a great job with Apple Music – I would really like to see them pay artists more money so everyone wins.
Apple Music is great for people that don’t give a sh*t what their music sounds like.
stfu mike, you don’t know s**t