After months of speculation and conjecture, it looks as though Samsung won't be buying Tidal after all. “The rumor of Samsung acquiring Tidal is not true,” a Samsung spokesperson told Variety yesterday all but putting to bed the possibility of the electronics giant merging with Jay-Z's music streaming service. This new development comes right on top of the news just days ago that Tidal had recently parted ways with both its CFO and COO.
Jay-Z first purchased Tidal in 2015 to the tune of $56 million and has since watched it both struggle and succeed. In September, the streaming service finally reached one million subscribers and then the next month hosted the well-received 10/20 concert in New York City. Tidal has also exclusively hosted the album rollouts for both Rihanna's Anti and Kanye West's The Life of Pablo. Times have been rough though too. The company has become a revolving door of executives up at the top and is currently embroiled in a major lawsuit over artist royalties. Samsung's backing may have given Tidal a significant boost at a an imperative moment, but it seems that prospect is now out the window.
A spokesperson for Samsung confirmed the report and tells Complex, "The rumor of Samsung acquiring Tidal is not true." We've reached out to Tidal for comment as well and will update once we receive a response from them.