Square, Inc., the digital payments firm run by Twitter founder Jack Dorsey, acquired a majority stake in TIDAL. Tidal is a streaming music service owned by Jay-Z, Beyoncé and Rihanna, among other artists. Square, Inc. will pay cash and stocks worth $297 million. Additionally, with Square Inc., buying a significant majority ownership stake, Jay-Z will be named to the Board of Directors.
“It comes down to one simple idea: finding new ways for artists to support their work,” said co-founder and CEO of Square, Jack Dorsey. “New ideas are found at intersections, and we believe there’s a compelling one between music and the economy. 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.”
For Jay-Z, while he didn’t predict a deal as big as this, he did foreshadow important TIDAL would be.
“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,” Jay-Z stated. “Artists deserve better tools to assist them in their creative journey. Jack and I have had many discussions about TIDAL’s endless possibilities that 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!”