XXL Magazine reports that JAY-Z is selling TIDAL to Square Inc., a financial company. “It comes down to one simple idea: finding new ways for artists to support their work,” Dorsey said in the statement announcing the deal. Music mogul JAY-Z is reportedly selling his TIDAL streaming service for a whopping 350 million USD. Square, the mobile payments firm run by Jack Dorsey, Twitter’s co-founder, has acquired a majority stake in Jay-Z’s Tidal audio and video music streaming service in a 297m deal.
Tidal has presented itself as the artist-friendly alternative to other music streamers, and Square says it will take that phenomenon further for musicians just as it has for businesses with its financial systems.
SQUARE TIDAL JAYZ SOFTWARE
Tidal will operate as a distinct entity alongside the point-of-sale hardware and software offerings of San Francisco-based Square, the payments company founded by CEO Jack Dorsey, who is also co-founder and chief executive of Twitter. Under the deal, Square will pay US$297 million in cash and stock for Tidal, Jay-Z will be named to Square's board of directors, and he and other artists who currently own shares in Tidal will remain stakeholders. SAN FRANCISCO, United States (AP) - Financial technology company Square, Inc said Thursday that it has reached an agreement to acquire majority ownership of Tidal, the music streaming service partly owned by Jay-Z. In this July 23, 2019, file photo, Jay-Z makes an announcement of the launch of Dream Chasers record label in joint venture with Roc Nation, at the Roc Nation headquarters in New York.
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