With Square’s Tidal Acquisition, New Interim Head Says, 'We’re Not Trying to Win The… 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,” Jack Dorsey, Square co-founder and CEO, said in a statement. Tidal will operate independently within Square, the company says, and the acquisition is expected to close in the second quarter of 2021. Jay-Z will join Square’s board of directors, and Square’s hardware lead Jesse Dorogusker will serve as the interim head of Tidal upon the closing of the deal. Square will pay $297 million in a mix of cash and stock for a majority stake in the company, allowing the artist stakeholders who initially partnered with Jay-Z and Tidal to keep ownership stakes as well.
“Together, Tidal and Square will be music-obsessed and artist-focused while we explore new artist tools, listener experiences, and access to financial systems that help artists be successful,” said Dorogusker.Financial services giant Square is acquiring a majority stake in Tidal, the music streaming service led by Jay-Z, the companies announced Thursday (March 4). Tidal currently hosts a catalogue of more than 70m songs streaming to listeners in more than 56 countries. This partnership will be a game changer for many.” 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,” said Jay-Z. Jay-Z will also be joining Square’s board following the close of the transaction, which is expected in the second quarter of this year. “It comes down to one simple idea: finding new ways for artists to support their work,” said Dorsey.įollowing the deal, Tidal will be led by Square’s current hardware lead, Jesse Dorogusker, on an interim basis. Square intends to integrate its payments technology with Tidal in order to enable artists to better monetise their music. ‘This partnership will be a game changer for many’ And last month, the two teamed up to form a bitcoin trust to fund bitcoin development in Africa and India.
Last summer, he and Jay-Z were spotted in the Hamptons together. Dorsey plays a dual leadership role as CEO of both Square and social media platform Twitter.
Square is a mobile payments company led by co-founder Jack Dorsey. While Square is set to take a significant majority stake in the company following the transaction announced today (4 March), Tidal’s previous owners – including Jay-Z – will continue as co-owners and the second-largest group of stakeholders. As well as music and video streaming, Tidal offers users exclusive content from the artists it hosts. The Tidal music streaming service was uniquely owned by musicians after rapper Jay-Z, in partnership with other artists such as Beyoncé and Rihanna, bought the platform in 2015 in a $56m deal. Square has announced its plan to acquire a majority share in Tidal for $297m in stock and cash. Tidal will remain co-owned by the artists that bought the music streaming platform in 2015.
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