Payment solutions company Square, created by Twitter co-founder Jack Dorsey, has reached an agreement to buy a majority stake in the streaming music distribution platform Tidal, as announced in a statement. The price has been 297 million dollars, about 247 million euros to change.
Tidal is a competitor to Spotify, although its offering specializes in offering high fidelity (HiFi) music. Square has underlined that all artists and singers who are shareholders of Tidal will continue to be so despite your investment.
The streaming music company is owned by rapper and singer Shawn Carter, known by his stage nickname Jay-Z. At the close of the transaction, the artist will sit on the board of directors of Square.
«New ideas are found at intersections, and I think there is a good [idea] 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 place for music, artists and culture, ”Square CEO Jack Dorsey said on Twitter.
I’m grateful for Jay’s vision, wisdom, and leadership. I knew TIDAL was something special as soon as I experienced it, and I’m inspired to work with him. He’ll now help lead our entire company, including Seller and the Cash App, as soon as the deal closes. https://t.co/YRfYjcWJQxpic.twitter.com/xBtq2xfwue
– jack (@jack) March 4, 2021
«Artists deserve better tools to help them on their creative journey. Jack and I have had many discussions about the endless possibilities of Tidal that have inspired me even more for its future, ”added Jay-Z.