Square acquires majority stake in music streaming service Tidal
March 4, 2021, 11:26AM EST
1 min read
Payments company Square is buying a majority stake in Tidal, the music streaming service backed and owned by performing artists such as Jay-Z, Beyoncé and Rihanna, among others.
According to a press statement, Square will pay $297 million in cash and stock to secure the majority stake and "existing artist shareholders will be the remaining stakeholders." Tidal will continue to operate independently, and Jay-Z will be named to Square's board of directors.
In a tweet thread, Square CEO Jack Dorsey wrote that "[i]t comes down to a simple idea: finding new ways for artists to support their work. New ideas are found at the intersections, and we believe there’s a compelling one between music and the economy. Making the economy work for artists is similar to what Square has done for sellers."
He went on to say:
"Square created ecosystems of tools for sellers & individuals, and we’ll do the same for artists. We’ll work on entirely new listening experiences to bring fans closer together, simple integrations for merch sales, modern collaboration tools, and new complementary revenue streams."
The move comes weeks after Dorsey and Jay-Z co-funded a bitcoin development endowment backed by 500 BTC. The development fund has an initial focus of providing resources to teams in Africa and India, as reported at the time.
From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.