Mobile payments firm, Square, which is run by Twitter boss Jack Dorsey, has acquired a majority stake in Jay-Z’s music streaming service, Tidal, for $297 million.
Per THR, Jay-Z and Tidal’s other artist shareholders — including Beyoncé, Madonna and Rihanna — will continue to own their piece of the business, which will operate as an independent division within Square.
THR adds:
The San Francisco-based financial services company behind the Cash App might seem an odd partner for Tidal, which Jay-Z purchased about six years ago in a bid to give artists more control over the distribution of their music, but the companies are positioning the deal as a natural extension of the work that Square already does with small businesses.
In a statement shared with the press, Dorsey explained that the deal is all about helping artists support their work. “New ideas are found at intersections, and we believe there’s a compelling one between music and the economy,” he added. “I knew Tidal was something special as soon as I experienced it, and it will continue to be the best home for music, musicians, and culture.”
And Jay-Z has taken to his Twitter to also talk about the deal. See his tweets:
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.
— Mr. Carter (@sc) March 4, 2021
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