“It comes down to one simple idea: finding new ways for artists to support their work,” said Dorsey.įollowing the deal, Tidal will be led by Square’s current hardware lead, Jesse Dorogusker, on an interim basis. Square intends to integrate its payments technology with Tidal in order to enable artists to better monetise their music. ‘This partnership will be a game changer for many’ And last month, the two teamed up to form a bitcoin trust to fund bitcoin development in Africa and India.
Last summer, he and Jay-Z were spotted in the Hamptons together. Dorsey plays a dual leadership role as CEO of both Square and social media platform Twitter. Square is a mobile payments company led by co-founder Jack Dorsey. While Square is set to take a significant majority stake in the company following the transaction announced today (4 March), Tidal’s previous owners – including Jay-Z – will continue as co-owners and the second-largest group of stakeholders. As well as music and video streaming, Tidal offers users exclusive content from the artists it hosts. The Tidal music streaming service was uniquely owned by musicians after rapper Jay-Z, in partnership with other artists such as Beyoncé and Rihanna, bought the platform in 2015 in a $56m deal. Square has announced its plan to acquire a majority share in Tidal for $297m in stock and cash.
Tidal will remain co-owned by the artists that bought the music streaming platform in 2015.
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