Jimmy Iovine is setting the record straight -- Apple Music is not in talks to buy Jay Z's Tidal.

"We’re really running our own race," said the Apple Music executive to BuzzFeed News in an interview. "We’re not looking to acquire any streaming services."

Back in June, the Wall Street Journal reported that the Apple Music was in talks with Tidal for a buyout. But it seems that if there was a possible deal, there isn't one any longer.

It's unclear whether or not it would have been a good move for Apple Music or not. Tidal was able to nab top exclusives like Usher's Hard II Love, Beyonce's Lemonade, Rihanna's Anti and Kanye West's The Life of Pablo for a limited time. Not to mention, Tidal is the only streaming service that holds Prince's music catalog.

But on the other hand, the Wall Street Journal recently reported that Aspiro, the parent company of Tidal, lost $28 million in 2015 -- almost triple the amount they lost in 2014 ($10 million).

Tidal itself has been on the up though. In 2014, it made $36 million which rose to $47 million in 2015. But its subscriber number is still far behind competitors, Spotify and Apple Music. While Tidal has a whopping 4.2 million subscribers, Spotify has 30 million while Apple Music has 17 million.

But that hasn't stopped Jay Z from nabbing the No. 2 spot on Forbes 2016 Hip Hop Cash Kings list. According to the business magazine, Jay Z brought in 53.5 million.


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