×
You will be redirected back to your article in seconds

Samsung Says It Won’t Buy Tidal (EXCLUSIVE)

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.

More Music

  • European Union Placeholder

    European Parliament Gives Final Approval to Controversial Article 13 Copyright Directive

    The European Parliament on Tuesday gave final approval of Article 13, a controversial directive that shakes up the rules around copyright in the continent with ramifications for online platforms, content owners and creators, and the general public. The proposed new framework, now approved, has sparked widespread debate among the platforms, public, and content firms. The platforms, [...]

  • iHeartMedia Strikes Multi-Year Deal With LiveXLive

    iHeartMedia Strikes Multi-Year Deal With LiveXLive

    iHeartMedia today announced a multi-year agreement with LiveXLive, a digital media company focused on live entertainment. According to the announcement, the deal combines content, production, distribution and promotion. The newly expanded partnership gives LiveXLive exclusive global livestreaming rights for 17 iHeartRadio marquee events this year, including iHeartRadio’s ALTer Ego, iHeartCountry Festival, iHeartRadio Wango Tango, Daytime Stage at [...]

  • Stevie Nicks Fleetwood Mac in concert

    Rolling Stone, Audible to Produce Series on the Lives of Icons

    Audible announced Monday a deal with Rolling Stone to produce an audio series focused on the lives of legendary icons. “The Wild Heart of Stevie Nicks,” a look at the life and music of the lead singer of Fleetwood Mac, will be released exclusively on Audible on April 4. Rolling Stone journalist and best-selling author [...]

  • Parcast-Spotify

    Spotify Is Buying Parcast, Its Third Podcasting Acquisition This Year

    Spotify announced plans to acquire Parcast, a scripted-entertainment podcast studio — the streaming giant’s third podcasting pickup so far in 2019. Financial terms of the deal weren’t disclosed. Spotify expects the acquisition to close in the second quarter of 2019. The Parcast acquisition comes after Spotify last month paid around $337 million to buy two [...]

  • Wynn Nightlife Announces Residency for Roving

    Wynn Las Vegas to Host Residency for Roving Spanish Party Elrow

    One of Las Vegas’ biggest music players is doubling down on the power of a global brand instead of just a single DJ to help them stay on top of Sin City’s increasingly competitive clubbing scene. Wynn Nightlife has announced a year-long residency and partnership with Spain’s Elrow, a respected Ibiza-born party that last year [...]

  • PledgeMusic Down to a ‘Skeleton Staff,’

    PledgeMusic Down to a ‘Skeleton Staff,’ Although a Potential Buyer Is in the Wings

    PledgeMusic, the direct-to-fan marketplace that has faced serious financial troubles in recent months, is down to a “skeleton staff” and payroll in the U.S. office ceased within the last month, sources close to the situation tell Variety, although a potential buyer is “very interested” in the company and has been in due diligence for several [...]

More From Our Brands

Access exclusive content