Apple is looking to grow it’s Apple Music business (a big reason for their continue revenue growth) and the Financial Times is reporting that Apple is looking to buy into iHeartMedia.
iHeartMedia filed for bankruptcy earlier this year and has been looking for either a fix to their financial problems, a strategic partner to help save them, or a new owner of the business.
Apple Music has 50 Million active subscribers to it’s name and has outgrown rival Spotify in domestic listeners. Bringing in iHeartMedia to their portfolio will do some major good for both companies.
Apple will acquire iHeartRadio, many radio stations, and a set of major music festivals that can promote the Apple Music service to new customers. iHeartMedia will wind itself in a safe position for the first time in years with a major backing of Apple.
Can you imagine Ryan Seacrest, one of the most famous hosts on the iHeartMedia platform, becoming the face of Apple?