(AllHipHop News) Apple is currently exploring the potential acquisition of Jay Z’s new streaming service Tidal.
According to The Wall Street Journal the negotiations are “ongoing” and not guaranteed to lead to a deal.
The reports follow the recent news of Tidal on the lookout for potential buyers, with the organization even holding talks with Napster last year.
If this major acquisition were to go through it would definitely eliminate a bit of the competition in the music streaming industry, while simultaneously beefing up the newly founded Apple Music.
Apple Music, which got it’s start in the streaming industry in 2015, has 15 million subscribers.
[ALSO READ: Tidal Streaming Service Reaches One Million Subscribers ]
Tidal has seen its subscriber base triple in the last six months from 1 million to just over 3 million.
However, Spotify has the most subscribers in the industry with the company sitting at 30 million.
The competition is very intense.
Spotify recently claimed that Apple is intentionally blocking an update of the streaming service from its App Store.
Ultimately, the terms of the deal are unknown and a Tidal executive has denied that the talks with Apple were even held.