Jay Z announced, Square, Jack Dorsey’s digital payments company, is acquiring a majority ownership stake in a deal expected to be a mix of cash and stock totaling $297 million.
I said from the beginning that TIDAL was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers. Artists deserve better tools to assist them in their creative journey.
Jack is one of the greatest minds of our times, and our many discussions about TIDAL’s endless possibilities have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board.
This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!
The deal is expected to be a mix of cash and stock of $297 million and is expected to close in the second quarter of 2021. Existing artist shareholders will be the remaining stakeholders, Square said. Jay-Z, who bought Tidal in 2015 for $56 million, will join Square’s board of directors. (cnbc)
Jack Dorsey said on Twitter:
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?!
It comes down to a simple idea: finding new ways for artists to support their work. New ideas are found at the intersections, and we believe there’s a compelling one between music and the economy. Making the economy work for artists is similar to what Square has done for sellers.
TIDAL started with the idea of honoring artists by being artist-owned and led, focused on an uncompromised experience of the art. It’s refreshing and right. The vision only grows stronger as it’s matched with more powerful tools for artists, inclusive of new ways of getting paid.
Given what Square has been able to do for sellers of all sizes and individuals through Cash App, we believe we can now work for artists to see the same success for them, and us. We’re going to start small and focus on the most critical needs of artists and growing their fanbases.
Square created ecosystems of tools for sellers & individuals, and we’ll do the same for artists. We’ll work on entirely new listening experiences to bring fans closer together, simple integrations for merch sales, modern collaboration tools, and new complementary revenue streams.
Jay Z sells his stake in Tidal to Jack Dorsey
In 2015, Jay Z acquired the tech company Aspiro and took charge of their media streaming service Tidal. Since launching the platform six years ago with high expectations, promising exclusive songs and videos from its artists and celebrity owners, it hasn’t quite lived up to those aspirations and indeed has struggled to carve out a space in an area dominated by companies like Spotify, Apple and Amazon.
Jay-Z is one of the world’s best-selling music artists, with over 50 million albums and 75 million singles sold worldwide. He has won a total of 22 Grammy Awards, the most by a rapper, and holds the record for the most number-one albums by a solo artist on the Billboard 200, with 14.
He has been ranked by Billboard and fellow music publication Rolling Stone as one of the 100 Greatest Artists of All Time. In 2017, he became the first rapper to be honored into the Songwriters Hall of Fame, and in 2018, received the commemorative “Salute to Industry Icons” award at the 60th Grammy Awards. In June 2019, Jay-Z officially became the first hip hop billionaire, making him the fifth-wealthiest African American and the wealthiest American musician. In December 2020 Jay-Z launched a line of cannabis products called “Monogram”.
# jay z #tidal #jack dorsey
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