This new deal comes on the heels of Jay selling a 50 percent stake in his Ace of Spades champagne line to Moet Hennessy last month. That is not to say everything has been all good with the streaming service, which has had several CEOs and been hit with multiple lawsuits. In 2017, Sprint purchased a 33 percent stake in the company. In 2016, Apple was in talks about buying the platform. TIDAL launched six years ago and was promoted as the most artist-friendly streaming service. Making the economy work for artists is similar to what Square has done for sellers." As part of the deal, Jay-Z will join Square’s board. New ideas are found at the intersections, and we believe there’s a compelling one between music and the economy. In a press release, Square said it expects to pay 297 million in cash and stock for the stake. He continued, "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. "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," Dorsey tweeted. Jesse Dorogusker, the Square executive stepping in to lead Tidal, told the Times Dorsey and Jay-Z began discussing the deal “a few months ago.” Which, of course, lines up with that late-August Hamptons hangout.Jack Dorsey, who also owns Twitter, commented on the acquisition on Twitter. Jay-Z previously sold a third of the company to Sprint in 2017 he bought back the shares he sold from T-Mobile, which now owns Sprint, last week, per the New York Times. Jay-Z bought Tidal in 2015, touting the service as artist-owned alongside other musicians including Rihanna, Kanye West, and his wife, Beyoncé. And he tweeted it all alongside a Tidal playlist from Jay-Z, “celebrating artists and the entrepreneurial spirit,” featuring songs like Drake’s “Started From the Bottom,” Puff Daddy’s “Victory,” and Frank Sinatra’s “Come Fly With Me.”
“We’re going to start small and focus on the most critical needs of artists and growing their fanbases.” Dorsey also said Jay-Z’s new spot on the board will touch the entire company, not just Tidal. QN90di6zWD- TIDAL March 4, 2021ĭorsey tweeted that the deal began from “a simple idea: finding new ways for artists to support their work.” “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,” he added in another tweet.
Our mission to empower artists continues. “This shared vision makes me even more excited to join the Square board.” has agreed to buy a majority stake in Tidal, the streaming music service led by rapper Jay-Z, as part of an effort to expand the company’s suite of financial tools to musicians and.
#Square tidal 297m jayz new yorktimes series#
In a series of tweets, Jay-Z called the deal “a game-changer for many.” “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,” he wrote. (Hopefully he can get time off for the Rock and Roll Hall of Fame induction.) “Square and TIDAL will continue to empower artists and create a more sustainable, collaborative, and beneficial music industry,” the companies said in a statement announcing the deal. Square purchased the streaming service for $297 million, and Tidal co-owner Jay-Z will now sit on Square’s board. Tidal, Jay-Z’s exclusive streaming service, has been sold to Square, the point-of-sale services company cofounded by Twitter CEO Jack Dorsey. Well at least this explains that Hamptons boat trip. Photo-Illustration: Vulture and Getty Images Jay-Z and Jack Dorsey, from friends to business partners.
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