Jay-Z is sell his shares in Tidal at the digital payments company of Twitter CEO Jack Dorsey, Square. Since Jay-Z was the majority owner of the streaming platform, the deal marks an acquisition of the service.
In return, Jay-Z will join the board of directors of Square and Square “expects to pay a mix of cash and stocks of $ 297 million for a significant controlling stake, ”according to a press release. The statement added that Tidal will operate independently within the new parent company.
When Jay-Z acquired Tidal in 2015 from Aspiro, the Norwegian company that developed it, he sold shares of the company to a few wealthy musicians, including Win Butler and Régine Chassagne of Arcade Fire, J. Cole, Daft Punk, Madonna, Coldplay frontman Chris Martin, Nicki Minaj, Rihanna, Lil Wayne, Kanye West, Jack White and more. These artist owners still own their stakes and, as a group, own the second highest number of shares on the platform. Telecommunications company Sprint also owns a large stake in the company after buy 33% of Tidal in 2017.
Jay-Z commented on the acquisition via a press release, calling Tidal a “platform that supports artists at every stage of their careers.” He continues: “Artists deserve better tools to support them in their creative journey. Jack and I had many discussions about the endless possibilities of TIDAL which made me even more inspired by its future. This shared vision makes me even more excited to join Square’s board of directors. This partnership will be a game-changer for many. I can’t wait to see what this new chapter has to offer! “
It comes down to a simple idea: to find new ways for artists to support their work. New ideas lie at the intersections, and we think there is a compelling one between music and economics. Making the economy work for artists is similar to what Square has done for sellers.
– jack (@jack) March 4, 2021
Dorsey also expressed her passion for supporting artists: “It boils down to one simple idea: finding new ways for artists to support their work. New ideas lie at the intersections, and we think there is a compelling one between music and economics. I knew TIDAL was something special as soon as I experienced it, and that it will continue to be the best home for music, musicians and culture.
Via Twitter“Dorsey continued,” Considering what Square has been able to do for sellers of all sizes and individuals with Cash App, we believe we can now work for artists to see the same success for them and for us. . We’re going to start small and focus on the artists’ most critical needs and grow their fan base. “
Considering what Square has been able to do for sellers of all sizes and individuals with Cash App, we believe we can now work to make artists see the same success for them and for us. We’re going to start small and focus on the artists’ most critical needs and grow their fan base.
– jack (@jack) March 4, 2021
Photo credit: Sharon Alagna