The Financial Times reports that Apple is exploring a link with iHeartMedia, the largest US radio group that announced on Monday that it had expanded to Mexico. The company was filed for bankruptcy under Chapter 11 back in March 2018. Credits to iHeartMedia have contacted potential investors before a deadline later this month to submit a reorganization plan with the bankruptcy court. The company is saddled with $ 20 billion in debt. The company has quickly lost itself to digital music services from Apple, Spotify and Pandora.
It’s hard to see why Apple would be interested in “taking a stake” in iHeartMedia as hoped by the company. The leaked news that Apple has shown interest in the company seems to be more desperate to get high publicity for its issue by mentioning the Apple brand.
That said, the Financial Times reports that “a partnership with iHearMedia could see Apple’s Music Beats 1 radio station, available only if its app makes its debut on broadcast radio. Extra distribution would give Beats and Apple Music generally greater awareness among older people audiences who have been slow to adopt streaming services. Some kind of agreement with iHeartMedia would make Apple’s Beats 1 more cars and kitchens.
Despite the financial difficulties of the Media Media, it is still the largest radio company in the United States that operates more than 850 stations across the country, making it valuable to the music industry and its promoters, especially when breaking new actions or raising awareness about the latest releases.
If Apple were to be more closely linked to the network, it could increase its impact in the industry. music economist describes the potential deal as a power move by Apple, whic h constantly aligns with Spotify to convince more artists and labels to meet exclusive or early editions for their streaming service. “For more about this, check out the entire Financial Times Report here.