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Apple may invest in iHeartMedia to boost streaming service

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6 years ago

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Apple Music is competing directly with Spotify. It might add iHeartRadio to its arsenal.
Apple Music is competing directly with Spotify. It might add iHeartRadio to its arsenal.

Image: Alexander Pohl/NurPhoto via Getty Images

2017%2f09%2f19%2ffa%2frakheadshot.f59fbBy Rachel Kraus2018-11-01 15:39:13 UTC

iHeartApple?

Apple is considering a significant investment in the radio group iHeartMedia, the Financial Times reported Thursday.

That could reportedly mean a multi-million dollar equity stake or marketing partnership. But the deal is not finalized.

iHeartMedia, owner of iHeartRadio, comprises a number of popular live radio stations like KIIS FM, a radio streaming service, festivals, and more. It filed for bankruptcy in March of this year.

Apple has been beefing up its own music business, Apple Music, recently. It has 50 million active users, and it acquired Shazam in September. Apple even reportedly has more users in the US than Spotify. Although, with 83 million paid subscribers, Spotify still has more listeners worldwide. 

Folding in iHeart Media might make good business sense if Apple wants to narrow that gap. The fact that they’re both “i” companies is just a bonus.

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