The business world is shifted once again, most especially within the realm of music and content streaming. It was announced today (March 4) that Square has obtained a majority stake of TIDAL and will name Shawn “Jay-Z” Carter to its board of directors.
By way of a press release issued by Square, the new deal states that Square will pay a combination of cash and stacks for a total of $297 million, putting the company founded by Twitter co-founder Jack Dorsey smack dab in the middle of the streaming wars. TIDAL will still operate as an independent entity according to the announcement.
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The release goes on to detail that Square is hopping into this space as a means to empower musicians and all connected individuals within that space in order to facilitate payments and offer a bevy of financial options and solutions. Square’s Cash App will also figure prominently in the new business going forward.
“It comes down to one simple idea: finding new ways for artists to support their work,” Jack Dorsey, co-founder, and CEO of Square said in the statement. “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.”
Jay-Z added, “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. 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!”
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TIDAL was relaunched by Jay-Z when the business mogul purchased the service’s parent company Aspiro for $56 million. Sprint later then invested $200 million for a large stake of ownership.
The continues a recent trend for Jay-Z, who just sold half of his Armand de Brignac Champagne brand to LVMH for an undisclosed amount. Forbes valued the champagne brand also known as Ace of Spades at over $600 million, although neither side has confirmed those speculative facts.
Salute to Jack Dorsey and Shawn “Jay-Z” Carter.
Hold Up I’m Just Warmin’ Up: Square Gains Majority Stake In TIDAL For $297 Million was originally published on hiphopwired.com