Apple reportedly in talks to buy Jay Z-backed music streaming service Tidal

Apple is reportedly in talks to acquire music streaming service Tidal. That's according to The Wall Street Journa;, which reports that the talks are very much in the exploratory stage right now.

From The Wall Street Journal:

The talks are ongoing and may not result in a deal, these people said. Apple is exploring the idea of bringing on Tidal to bolster its Apple Music service because of Tidal's strong ties to popular artists such as Kanye West and Madonna.

Tidal, which focuses on high-fidelity music streaming, was purchased rapper Jay Z in 2015. Despite a number of exclusive releases — largely due to its large backing from artists that own a stake in the company — Tidal has endured a rough year. As The Wall Street Journal notes; Tidal has lost three chief executives in less than a year.

Apple Music, which just celebrated its one year anniversary, has also seen quite the artist backing as Apple continues to build relationships with bands and solo musicians. Tidal's already close relationships with artists like Kanye West could be a further boon for Apple.

Dan Thorp-Lancaster