- Square to acquire a majority stake in music service Tidal for $297 million.
- The acquisition extends Square’s purpose of economic empowerment.
- Square, Inc. builds tools to empower businesses and individuals for the economy.
TIDAL is an artist-led global music and entertainment platform. It brings artists and fans closer together through unique original content and exclusive events. Available in 56 countries, the streaming service has more than 70 million songs and 250,000 high-quality videos in its catalog along with original video series, podcasts, thousands of expertly curated playlists and artist discovery via TIDAL Rising.
With the commitment of its owners to create a more sustainable model for the music industry. TIDAL is available in premium and HiFi tiers. It includes Master Quality Authenticated (MQA) recordings as well as Sony’s 360 Reality Audio recordings.
Square to acquire a majority stake in music service Tidal for $297 million.
Square, Jack Dorsey’s digital payments company, is acquiring a majority ownership stake in the music streaming service Tidal. The deal is expected to be a mix of cash and stock of $297 million. Jay-Z, who bought Tidal in 2015 for $56 million, will join Square’s board of directors. Square, Jack Dorsey’s digital payments company, is acquiring a majority ownership stake in the music streaming service Tidal.
Existing artist shareholders will be the remaining stakeholders, Square said. Jay-Z, who bought Tidal in 2015 for $56 million. Tidal has struggled to keep up in the music streaming wars since its launch, and Dorsey’s stake could help push the company forward. Jay-Z and Dorsey have also partnered in the past. Last month, Dorsey said the pair endowed a bitcoin trust to support the digital coin’s development in Africa and India.
Square’s purpose of economic empowerment to a new vertical: musicians and Tidal’s Purpose
The acquisition extends Square’s purpose of economic empowerment to a new vertical: musicians. 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.
Square has helped millions of businesses start, run, and grow by providing them with the tools needed for success. 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 sees an opportunity to leverage those learnings to help musicians find new ways to support their work and make better decisions through TIDAL.
It is now more important than ever as consumers look for authentic digital connections with their favorite artists. TIDAL offers the premier listening experience, with superior sound quality and an extensive catalog of more than 70 million songs and 250,000 high-quality videos.
