Depending on the premium that Tidal would seek from Square in a transaction, the value of a deal could range between 800 million to 1 billion. Dorsey’s Twitter thread announcing the deal (of course) is vague about what Square intends to do with. While Jay-Z bought the service for 57 million, Sprints purchase of 33 of Tidal in 2017 valued the streamer at 600 million. Tidal has listeners in more than 56 countries and relationships with more than 100 labels and distributors. Square is paying 297 million in cash and stock for a significant majority of Tidal. Jack and I have had many discussions about Tidal's endless possibilities that have made me even more inspired about its future."Īs part of the deal Jay-Z will join the board of Square. "Artists deserve better tools to assist them in their creative journey. ![]() "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," said Jay-Z, whose full name is Shawn Carter. Tidal will operate "independently within Square," according to the statement. The deal with Square establishes a new joint venture that gives the payments firm "a significant majority ownership stake" along with the existing artist shareholders, the statement said. Jay-Z surprised fans in December 2019 by moving his music catalogue back to Spotify after a two-year hiatus. Square said it would pay for Tidal in a mix of cash and. The privately-held company had three million paying subscriptions in 2016, when it last disclosed figures. Mobile payments company Square has agreed to acquire a majority stake in Tidal, the struggling streaming platform owned by Jay-Z, for 297m. Owners include several other high-profile artists, including Madonna, Rihanna and Jay-Z's wife, Beyonce.īut Tidal has struggled to compete against much larger streaming services such as Spotify and Apple. Jay-Z bought Tidal from Europe-based Aspiro in 2015 in a deal valued at slightly more than $56 million, and sought to use the platform to give artists more control over their work. "New ideas are found at intersections, and we believe there's a compelling one between music and the economy." "It comes down to one simple idea: finding new ways for artists to support their work," said Dorsey. "The acquisition extends Square's purpose of economic empowerment to a new vertical: musicians," said a statement from the finance tech firm led by Jack Dorsey, who is also the chief executive of Twitter. Square SQ wants to diversify its portfolio by taking advantage of TIDAL’s existing cultural fanbase, and of course its Cash App platform has risen to success thanks to hip hop influencers.Digital payments firm Square said Thursday it was buying a controlling stake in the streaming music platform Tidal from a group led by rap star Jay-Z for $297 million in cash and stock. ![]() The financial services platform acquired 80% ownership in TIDAL, along with licensing deals with major record labels and recording artists who are involved with the company. ![]() Jay Z no longer has “99 Problems” since TIDAL’s $302 million Square acquisition finally closed. ![]() Photographer: Andrew Harrer/Bloomberg © 2017 Bloomberg Finance LP who has a 33 percent stake in the service. You can read the story by clicking on the following link. Jay Z's new album 4.44, his first in four years, will be released on June 30 and will be available only to users of the music streaming service that the rapper co-owns along with Sprint Corp. The New York Times and others are reporting that Jay Z has made a 56M offer to buy Swedish company Aspiro, which owns Tidal and WiMP. The Tidal application is demonstrated for a photograph on an Apple Inc.
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