![]() ![]() 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. Jay-Z will join Square’s Board of Directors, with Square executive Jesse Dorogusker becoming TIDAL’s interim leader at the close of the transaction. The close of the tranaction is subject to standard regulatory approvals, which is expected to go through in Q2 2021. Reports claim the streaming service has struggled in recent years, after some artists including Jay-Z removed their music from other streaming services such as Spotify for exclusive release on TIDAL, before returning to all major DSPs. Since soon after re-launching the streaming service, TIDAL’s user numbers have remained largely unknown. ![]() These existing artist shareholders will be the remaining stakeholders and co-owners of TIDAL. Reports at the time suggested each artist was given a 3% equity in the streaming service. Cole, Jack White, Jason Aldean, Shawn “ JAY-Z” Carter, Kanye West, Lil Wayne, Madonna, Nicki Minaj, Rihanna, T.I. According to the site, current artist-owners include Alicia Keys, Arcade Fire’s Win Butler and Regine Chassagne, Beyoncé, Calvin Harris, Coldplay’s Chris Martin, Daft Punk, Damian Marley, deadmau5, Indochine, J. TIDAL was introduced at a press conference in 2015, as Jay-Z and 16 of the biggest artists in the world took to the stage. Jay-Z bought TIDAL, formerly WiMP back in 2015 for $56 million and grew the platform using his and many other major artists’ high-profile status. Artists are entrepreneurs with a dream and deserve access to systems, tools, and financial freedom to reach those dreams at every stage in their career.” ![]() With a press release from Square stating, “the acquisition extends Square’s purpose of economic empowerment to a new vertical: musicians. TIDAL will operate independently within Square, alongside the Seller and Cash App ecosystems. announced plans to purchase a majority ownership stake, as they enter into a definitive agreement to aquire the music streaming platform for $297 million, paid as a mix of cash and stock. These rumours were confirmed yesterday, as Square, Inc. In December, following multiple reports of the two meeting during the pandemic, we heard that Square and Twitter’s CEO Jack Dorsey was in talks with TIDAL’s owner Jay-Z to purchase the music streaming platform, via an anonymouse source to Bloomberg. Image Credit: Jack Dorsey Jay-Z sells a significant majority ownership stake in music streaming service TIDAL, to financial payments company Square. ![]()
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