Samsung Renews Talks With Tidal
Tidal is one of the music streaming service providers that made a grand entry in the industry. For a while, it enjoyed large number of subscriptions that translated to huge profits at the end of the fiscal year. However, the music outlet is no longer enjoying the huge client base and large revenues like it used to. For some reasons, it has lost almost half of its subscribers. Sources close to Tidal management reveal that Jay Z, who is the founder, sometimes uses his own money to rescue the premium service, which is on the verge of collapsing.
Many established tech companies have been watching the events at Tidal with fingers crossed. Some of them are waiting for the slightest opportunity to take control of the company and benefit from what they refer to as untapped potential. One of these companies that have shown a big interest in the dwindling Tidal is Samsung.
After series of failed talks, the Korean-based leading electronic manufacturer has once again renewed its interest in Tidal. Through its spokesman, Samsung expressed confidence that the new talks with bear fruits within a short time. Samsung is planning to make revolutionary changes to Tidal if the talks yield positive results. The company has been in a long-term partnership with Jay Z. In 2013, they teamed up with Jay Z to promote a high-profile launch of his album. The company has also worked with Rihanna, Kanye West and Beyonce.
The recent development could take off the burden from Jay Z and Tidal’s Managing Director Desiree Perez. The two have been struggling to make the company relevant in the market. Sources from inside reveal that Tidal’s value has decreased from $250 million at the time it was launched to $100 million today.
Jay Z and Desiree Perez have been close for a long time now. Their relationship dates back to the time Jay Z was still rapping in the streets. Perez herself is a street rapper who is respected among her peers. People who have experienced her street rap agree that she has the energy and words to destroy someone in a rap battle. She has a tough demeanor and admirable temperament. She was one of the figures behind Beyonce’s highly successful Formation Stadium Tour. She also played a big role in organizing Rihanna’s tour. Perez is among people who form Jay Z’s influential inner circle. Apart from Tidal, she runs Roc Nation and its divisions.