In June of this year, reports surfaced that Apple Music was in talks to acquire the Jay Z-owned music streaming service, Tidal. Most expected the deal to get done at some point this year, but now that looks like it won’t be happening anytime soon according to top Apple Music executive, Jimmy Iovine.
The co-founder of Interscope Records spoke to Buzzfeed News on Wednesday (Sept. 14), putting a halt to the acquirement rumors. “We’re really running our own race, we’re not looking to acquire any streaming services,” Iovine said.
Iovine didn’t deny the fact that there may have been discussions to acquire the struggling Tidal in the past, as they lost a reported $28 million last year.
Apple Music currently has approximately 17 million paid subscribers, trailing only Spotify in the streaming world who boast a cool 40 million, though only about 30 percent of them actually pay for the service. Tidal currently only has four million subscribers.