![]() It competes directly with Spotify Technology SA, Apple Inc. Under the terms of the deal, previous majority owner Jay-Z is joining Square’s board, while other famous music artists that currently own minority shares in the company will remain as shareholders.įounded in 2014 and acquired by Jay-Z for $56 million in March 2015, the service differentiates itself by offering high-fidelity music streaming for $20 a month, as well as a lower-quality stream for $10 a month. The exact size of the stake, made with a combination of cash and stock, was not disclosed. today revealed it has purchased a majority stake in Aspiro AB, the owner of the Tidal music streaming service, for $297 million. Square will pay 297 million in cash and stock for the significant majority ownership stake in Tidal, after which time Jay-Z, as a Tidal board member, will be added to Square’s Board of.Financial services provider Square Inc. Twitter Sued By Music Publishers For Copyright InfringementĬarter called six-year-old Tidal more than just a streaming music service but a platform that “supports artists at every point in their careers.” Twitter CEO Jack Dorseys payments-processing company Square agreed to buy a majority ownership stake in Tidal, a music streaming service owned by rapper Jay. Are you feeling Korea’s sensationally HOT Hallyu tidal wave sweeping the crowded streets of New York Times Square With our Kimchi Cookoff Promotional video. ![]() “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,” he said. Tidal has catalog of more than 70 million songs and 250,000 videos and connects artists and fans with exclusive content and events. 1 Squarethe digital payment company run by Twitter CEO Jack Dorseyhas acquired JAY-Z’s streaming platform TIDAL. It has listeners in more than 56 countries and relationships with over 100 labels and distributors. Square, the mobile payments firm run by Jack Dorsey, has agreed to acquire a majority stake in Jay-Z’s music streaming service Tidal for 297 million, the companies announced Thursday. 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. 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. But it’s a big payday for Jay-Z, the star rapper. Jesse Dorogusker, a Square executive, will serve as interim lead of Tidal when the the transaction closes. Square helps sellers reach buyers online and in person, manage their business and access financing. Individuals use Square’s Cash App to spend, send, store, and invest money. Square has offices in the U.S., Canada, Japan, Australia, Ireland, Spain and the U.K. Separately, last month, Dorsey and Jay-Z teamed up to launch a new Bitcoin fund, set up as a blind trust to finance development initially in Africa and India.
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