For months now, Jay Z has reportedly sought to sell off his streaming platform TIDAL. After failing to strike a deal with Samsung and Rhapsody, the hip-hop mogul is now in negotiations with Apple, according to the Wall Street Journal.
“The talks are ongoing and may not result in a deal,” the Wall Street Journal noted, adding that Apple sees TIDAL as an opportunity to bolster its own streaming platform, Apple Music
Jay Z purchased TIDAL in March 2015 for $56 million. Several other artists, including Kanye West, Beyoncé, Rihanna, Jack White, and Daft Punk, also own equity in the company, and have exclusively released their music through the platform. Among those high-profile releases: Kanye’s The Life of Pablo, Beyoncé’s Lemonade, and Rihanna’s Anti.
Apple has countered by signing Drake and Chance the Rapper to exclusive deals for Views From the 6 and Coloring Book. Additionally, Apple has given Drake, Dr. Dre, Pharrell, HAIM, Run the Jewels, and Q-Tip their own radio programs on Beats 1 Radio.
The news will undoubtedly raise concerns that Apple is monopolizing the market. Yesterday, Senator Elizabeth Warren suggested Apple is trying to “lock out” the competition through practices such as rejecting Spotify’s app from the iTunes store over billing issues.