Amazon, before it became the everything store, sold only books. Still, the deal could be significant for Square if it kicks off an expansion beyond its core payments business. They’ll retain a minority stake in the new venture. And Square said Tidal’s revenue, which it didn’t disclose, is so small that it would have no material impact on its financial results in 2021.īut it’s a big payday for Jay-Z, the star rapper, and the group of artists, including Beyoncé and Coldplay’s Chris Martin, who paid $56 million in 2015 for Tidal, then called Aspiro. On Thursday, the Jack Dorsey–led company brought that song metaphor to life, agreeing to buy a majority stake in niche streaming-music service Tidal for almost $300 million.Īt first glance, the deal is a blip for Square, which had $3.2 billion of cash on hand at the end of 2020. This partnership will be a game-changer for many.Shares in payments startup Square have been rising like a hit song on the Billboard charts for the past year, tripling in price and giving the company a market value of over $100 billion. 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. 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. 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.” “New ideas are found at intersections, and we believe there’s a compelling one between music and the economy. “It comes down to one simple idea: finding new ways for artists to support their work,” Dorsey, cofounder and CEO of Square, said in a statement. Square sees an opportunity to leverage those learnings to help musicians find new ways to support their work and make better decisions through Tidal.”
With Cash App, Square has made financial services more relatable and accessible to millions of customers, many of whom have been historically overlooked and underserved. Square has helped millions of businesses start, run, and grow by providing them with tools needed for success. Artists are entrepreneurs with a dream and deserve access to systems, tools, and financial freedom to reach those dreams at every stage in their career. Per Square, the acquisition of Tidal “extends Square’s purpose of economic empowerment to a new vertical: musicians. Tidal was launched with great fanfare, promising exclusive songs and videos from its artist-owners - but it often struggled to gain traction in a space dominated by companies like Spotify, Apple and Amazon.
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Square’s exact stake in the company was not disclosed.Īfter the deal has closed, all of Tidal’s artist shareholders will continue to be co-owners of the music and entertainment streaming platform.Īlso Read: Tidal, Revolt TV Pull Russell Simmons Episode of 'Drink Champs' Podcast Following Backlash Tidal board member and shareholder Jay-Z, whose real name is Shawn Carter, is expected to join Square’s board of directors subject to the closing of the transaction, which the companies expect to take place in the second quarter of 2021. Tidal, which Jay-Z helped launch in 2015 as part of a $56 million deal with other top music artists - including Alicia Keys, Beyonce, Chris Martin of Coldplay, Usher, Nicki Minaj, Rihanna, Kanye West and Madonna - to acquire Norwegian streaming company Aspiro, will “operate independently within Square, alongside the Seller and Cash App ecosystems.” has purchased a “significant” majority ownership stake in Jay-Z’s Tidal for $297 million in cash and stock. Jack Dorsey’s payment-processing company Square, Inc.
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