Entertainment
Twitter’s CEO Jack Dorsey has purchased majority stake in Jay Z’s TIDAL for $297 million
Square—the digital payment company run by Twitter CEO Jack Dorsey—has acquired JAY-Z’s streaming platform TIDAL. As part of the deal, JAY-Z will move to Square’s board of directors and TIDAL’s artist owners will continue to co-own the platform, as the second largest group of shareholders..
Upon his well-publicized acquisition of the service in 2015, from the Norwegian company Aspiro, JAY-Z brought aboard artist owners including Kanye West, Nicki Minaj, Madonna, Lil Wayne, J. Cole, Coldplay’s Chris Martin, Arcade Fire’s Win Butler and Régine Chassagne, Rihanna, Jack White, Daft Punk, and others. Their stakes in the company—and their financial windfalls from the sale—were not made public.
Last December, Bloomberg reported on the possibility that Square would buy TIDAL. Today, a press release confirms that “Square expects to pay a mix of cash and stock of $297 million for a significant majority ownership stake.” TIDAL will operate independently within Square, according to the press release.
JAY-Z said TIDAL remains “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!”
Dorsey added: “It comes down to one simple idea: finding new ways for artists to support their work. 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.”
The Twitter CEO elaborated in a Twitter thread, adding, “Given what Square has been able to do for sellers of all sizes and individuals through Cash App, we believe we can now work for artists to see the same success for them, and us. We’re going to start small and focus on the most critical needs of artists and growing their fanbases.”
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