I look forward to all this new chapter has to offer! This partnership will be a game-changer for many. This shared vision makes me even more excited to join the Square board. 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 tweeted that the deal was a “game-changer for many,” and asserted that the friendship with Jack Dorsey is one where he recognizes that “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 added, “this shared vision makes me even more excited to join the Square Board.” Jay-Z also spoke about the deal, which comes on the heel of another recent move-his move to sell a part of his wine company Armand de Brignac to the global luxury brand LVMH which will open significant opportunities for global distribution and increased sales. The company, in a statement about the sale, said, “Square and TIDAL will continue to empower artists and create a more sustainable, collaborative, and beneficial music industry.” The sale price for the streaming service is $297 million, and the deal will also see Jay-Z remaining in the operations of the business as a board member for the company. The announcement came on Thursday that the music streaming service will now be taken over by Square, which is a point-of-sale services company co-founded by Dorsey and is set to be the next generation of services offered in a widely evolving digital business era. Jay-Z has made another boss move as majority ownership of Tidal has been sold to Jack Dorsey’s Square. The company’s service is available some 56 countries and Tidal has relationships with more than 100 labels and distributors.Jay-Z confirmed he sold majority stake in TIDAL to Twitter CEO, Jack Dorsey. Tidal’s streaming service offers more than 70 million songs and 250,000 high-quality videos in its catalog along with original video series, podcasts, playlists and artist discovery via Tidal Rising. ![]() “Together, Tidal and Square will be music-obsessed and artist-focused while we explore new artist tools, listener experiences, and access to financial systems that help artists be successful,” Dorogusker said. Tidal will be led on an interim basis by Jesse Dorogusker, currently head of hardware at Square. Last month the two formed a Bitcoin fund focused on developing the cryptocurrency’s adoption, initially in Africa and India. ![]() Jay-Z and Dorsey have become chummy over the years, and last summer were seen together aboard a yacht in the Hamptons. “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.” “New ideas are found at intersections, and we believe there’s a compelling one between music and the economy,” Dorsey said in a statement. He added that he and Dorsey “have had many discussions about Tidal’s endless possibilities that have made me even more inspired about its future.”Īccording to Dorsey, who is CEO of both Square and Twitter, the deal “comes down to one simple idea: finding new ways for artists to support their work.” Artists deserve better tools to assist them in their creative journey.” Jay-Z tweeted about the pact Thursday, “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. ![]() One of Tidal’s differentiators has been its high-fidelity audio offering Spotify plans to launch its own hi-fi tier later in 2021. Tidal, which hasn’t disclosed subscriber numbers, has managed to hang on in the streaming game amid competition from huge rivals like Apple Music and Spotify. Other Tidal artist-owners include Beyoncé, Alicia Keys, Coldplay’s Chris Martin, Kanye West, Madonna, Nicki Minaj and Rihanna. In 2015, Jay-Z led a consortium of artists in a $56 million deal to acquire Norwegian streaming company Aspiro.
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