![]() ![]() ![]() “Square has also set a high standard for building elegant, accessible, and fair tools for sellers and individuals to economically empower them. “TIDAL sets a high standard for supporting artists, capturing music culture, and delivering the best audio quality to fans,” he said in a press statement. This partnership will be a game-changer for many.”Īccording to a Billboard interview with Dorogusker, he claims Tidal’s focus will be put on creating new tools to support artists throughout their careers, as well as expanding on Tidal’s growing core music streaming business. This shared vision makes me even more excited to join the Square board. Jack and I have had many discussions about Tidal’s endless possibilities that have made me even more inspired about its future. “Artists deserve better tools to assist them in their creative journey. “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,” Jay-Z said in a statement to Billboard. The idea for this joint venture is to regain trust with artists and support them in a way that allows them to benefit from their own work and expand their opportunities. The sale is now considered a coup for Jay-Z, who restarted the company back in 2015 after buying Tidal’s Swedish parent company Aspiro for $56 million. The streaming service also landed in some legal trouble over claims of false advertising around exclusive releases to a $3 million dispute between itself and then artist shareholder Kanye West. I look forward to all this new chapter has to offer!Īccording to Billboard, Tidal - which launched six years ago - got off to a rocky start when a handful of the world’s richest artists came forward and said they were being underpaid for their music. “New ideas are found at intersections, and we believe there’s a compelling one between music and the economy,” said Dorsey.This partnership will be a game-changer for many. What started as a conversation led to a sense of common purpose. Jesse Dorogusker, a Square executive told the NYT that the two began to discuss the transaction a few months ago. Jay-Z revealed that he’d had “many discussions” with Jack Dorsey, co-founder and CEO of Square, about TIDAL. Square sees an opportunity…to help musicians find new ways to support their work and make better decisions through TIDAL.” “The acquisition extends Square’s purpose of economic empowerment to a new vertical: musicians. ![]() “Square has helped millions of businesses start, run, and grow by providing them with tools needed for success,” the company said. Post-acquisition, TIDAL will operate independently within Square, alongside the Seller and Cash App ecosystems. The transactions reflect the intense competition in the music streaming industry, with big, listed names such as Apple (NASDAQ: AAPL), Amazon (NASDAQ: AMZN), and Spotify (NYSE: SPOT) calling the shots. These shares will likely head for Square, according to the NYT. Preparatory to the deal with Square, Jay-Z bought back those shares from T-Mobile (NASDAQ: TMUS). He sold a third of TIDAL to Sprint (now T-Mobile) in 2017 on undisclosed terms. These include Beyoncé, Jay-Z’s wife, and Rihanna. Jay-Z acquired TIDAL in 2015 for $56 million in partnership with other artists. Existing artist shareholders will be the remaining stakeholders, the announcement said, and Shawn “JAY-Z” Carter would be named to Square’s board of directors. Square Inc (NYSE: SQ), the payments giant, announced today its acquisition of a majority interest in TIDAL, the audio and video streaming platform led by Jay-Z, for $297 million in cash and stock. ![]() Square extends its mission of economic empowerment to musicians. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |