The digital payments company, run by Jack Dorsey — who’s also Twitter Inc.’s
CEO — is looking to diversify, Bloomberg said, adding that negotiations are private and may not end in a deal. A price was not mentioned.
Rapper and entrepreneur Jay-Z bought Tidal in 2015 for $56 million, and relaunched it as an artist-owned service offering higher-fidelity music than its streaming rivals, such as Spotify SA
and Apple Music.
Tidal has struggled to win over consumers, and has not updated its subscriber numbers since 2016, when it reported 3 million paying users. While it offers a $9.99-a-month standard plan, its $19.99-a-month premium sound-quality plan is about twice the price of its competitors.