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Jul 01, 2016 08:13 AM EDT

Apple Inc. In Talks To Purchase Jay Z's Tidal Streaming Service

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Apple Inc., a multinational technology company, is in talks to purchase Jay Z's subscription-based music streaming service - Tidal.

The tech giant is exploring the idea of bringing in the Apple Music to Jay Z's music streaming service for the reason of Tidal's strong ties to popular artists such as the American hip hop recording artist - Kanye West and the "Like A Virgin" hitmaker, Madonna.

Earlier this week, record producer Jimmy Iovine along with the Apple Music executives gave an explanation of what goes into negotiating with artists and labels for exclusivity rights. Iovine gave an explanation, like in the case of Kanye's album - "The Life of Pablo,"  that Kanye had initially planned to release his latest project on Apple Music, but declined at the last minute to work with his friend Jay Z, 9 to 5 Mac reported.

Reports came up that the negotiations are ongoing, but the terms of the potential agreement are unknown. However, it has been claimed by the people familiar with the matter that it may not result in a deal, Wall Street Journal reported.

However, the tech giant Apple has the money to wait for the predicted demise of Jay Z's Tidal, but if the company purchases the assets of the streaming service and ensures that all of the co-owners are well taken care of, that could mean everybody will benefit in the end, Forbes reported.

Aside from Jay Z, Kanye and Madonna, the co-owners of the streaming service include Rihanna, Calvin Harris, Daft Punk, Coldplay's Chris Martin, Usher, Alicia Keys, Deadmau5, Jack White, Nicki Minaj,  Arcade Fire and the American country music singer -  Jason Aldean, Daily Mail reported.

The most financially successful hip hop artist Jay Z purchased Tidal in March 2015 for $56 million from the Norwegian technology company Aspiro Group. Jay Z has given 19 famous artists and bands small stakes in the streaming service and promised each them millions of dollars worth of marketing.

The streaming service costs $10 a month for basic access, and the improved sound costs $20 a month.

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