Apple May Be Interested In Jay Z's Tidal, But Sources Say It Won't Happen

Spotify, the popular streaming music platform, boasts 100 million subscribers, nearly twice as many paid subscribers as Apple Inc. (NASDAQ: AAPL) can claim for its Apple Music platform.

Apple is in dire need of playing catch-up, which might explain why the company is looking to acquire Tidal, a streaming music service run by Jay Z.

The Wall Street Journal, citing "people familiar with the matter," reported Thursday evening that Apple is attracted to Tidal's platform given its strong ties to some of the biggest names in music including Kanye West and Madonna.

Jay Z bought the streaming music platform in March 2015, for $56 million and has been working with many famous artists and bands. The rap mogul promised the artists and bands millions of dollars' worth of marketing for allowing their work to be showcased on his platform.

Related Link: The Battle Between Spotify And Apple Heats Up

However, the sources close to the Wall Street Journal suggested that while the talks between Apple and Tidal are ongoing, it may not result in a deal.

As noted by the Wall Street Journal, Tidal has gone through three chief executives in less than one year. The platform also has a low subscriber base and hasn't generated significant revenue despite Jay Z's involvement and branding.

However, a combination of Tidal and Apple would bring together two of the most iconic and legendary names in hip hop. Dr Dre has been working with Apple since his company, Beats Electronics, was acquired for $3 billion in 2014.

Shares of Apple were trading lower by 0.26 percent early Friday morning at $95.60.