The US-based financial services & mobile payment company Square, Inc. founded by Twitter CEO Jack Dorsey, has announced that it’s acquiring a majority ownership stake in Jay-Z’s music streaming service Tidal in a $297 million cash and stock deal.
Square is acquiring a majority ownership stake in TIDAL through a new joint venture, with the original artists becoming the second largest group of shareholders, and JAY-Z joining the Square board. Why would a music streaming company and a financial services company join forces?!— jack (@jack) March 4, 2021
Founded by Jay-Z in partnership with other artists including Kanye West, Rihanna, Calvin Harris, Beyoncé, Madonna, Nicki Minaj, Alicia Keys, and Daft Punk in 2014, Tidal is a highly popular music streaming service with over 70+ million high-quality audio tracks and +250.000 HD video clips.
Jack Dorsey said that the deal will enable artists to access “more powerful financial tools, inclusive of new ways of getting paid.”
Meanwhile, Dorsey also announced that Jay-Z will join the Square board. ”This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!” said Jay-Z.
This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!— Mr. Carter (@sc) March 4, 2021