Earlier this year, The Wall Street Journal reported that Apple was in talks to acquire Jay Z’s streaming service Tidal. Apple Music head Jimmy Iovine stated those reports are false, telling Buzzfeed News, “We’re not looking to acquire any streaming services.” Iovine said, “We’re really running our own race.”

Earlier this week reports surfaced that Jay Z’s streaming company lost a whopping 28 million. Tidal was first launched in 2014, by the Norwegian/Swedish technology company Aspiro. Since that time many have wondered if the music mogul was in over his head trying to compete with streaming heavy weights Apple Music and Spotify. As of now TIDAL’s subscribers compared to Apple musics and Spotify aren’t even close. Stay tuned for any more changes and updates to Apple Music soon.