Samsung has reportedly entered talks to buy the music streaming service Tidal.
The Korean electric goods manufacturer aren’t the only interested buyers—Google (GOOG) and Spotify are also said to be keen on acquiring Tidal, sources told The New York Post.
Both, however, would lack the working relationship that’s already inherent between Samsung and some of the music service’s biggest partners, including current owner Jay-Z. In 2013, one million free downloads of the rapper’s album Magna Carta Holy Grail were released to Samsung users via a special app in a deal estimated at $20 million.
Recently, Samsung partnered with Rihanna—another Tidal partner and an artiste signed under Jay-Z’s Roc Nation entertainment company—to release her latest album Anti. Rihanna reportedly signed a $25 million sponsorship deal with Samsung last October.
Samsung’s interest is reportedly a part of a bigger vision it has for Tidal, which recently jumped to the top of Apple’s (AAPL) App Store charts on the back of an exclusive release of Kanye West’s latest album on its platform. “Samsung is re-engaging; they are working on something really big, and they’re keeping it very quiet in case it leaks,” a source close to talks told The New York Post.
Tidal, launched in October 2014, is also reportedly struggling to keep itself financially viable, according to The Post, who added that sources in the industry value the service at $100 million, down from a $250 million-valuation at launch. “Tidal certainly needs a new home to stay alive,” said a music industry insider.
Coins2Day has reached out to Tidal, and will update if they respond.
