"Artists deserve better tools to assist them in their creative journey. "I said from the beginning that Tidal was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers," said Jay-Z, whose full name is Shawn Carter. Tidal will operate "independently within Square," according to the statement. The deal with Square establishes a new joint venture that gives the payments firm "a significant majority ownership stake" along with the existing artist shareholders, the statement said. Jay-Z surprised fans in December 2019 by moving his music catalogue back to Spotify after a two-year hiatus. The privately-held company had three million paying subscriptions in 2016, when it last disclosed figures. Tidal has listeners in more than 56 countries and relationships with more than 100 labels and distributors.īut Tidal has struggled to compete against much larger streaming services such as Spotify and Apple. Owners include several other high-profile artists, including Madonna, Rihanna and Jay-Z's wife, Beyonce. Jay-Z bought Tidal from Europe-based Aspiro in 2015 in a deal valued at slightly more than $56 million, and sought to use the platform to give artists more control over their work. "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," said Dorsey. "The acquisition extends Square's purpose of economic empowerment to a new vertical: musicians," said a statement from the finance tech firm led by Jack Dorsey, who is also the chief executive of Twitter. Digital payments firm Square said Thursday it was buying a controlling stake in the streaming music platform Tidal from a group led by rap star Jay-Z for $297 million in cash and stock.
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