Jack Dorsey’s Square acquires majority stake in TIDAL for $297m; Jay-Z joins Square’s board

Square Inc., the financial services company founded by Twitter CEO Jack Dorsey, has entered an agreement to acquire a majority stake in TIDAL , a global music and entertainment platform owned by rapper Shawn “Jay-Z” Carter and other artists, for $297 million in cash and stock.

Square also announced that as part of the agreement, Jay-Z will join its board, and Tidal’s current shareholders will remain co-owners. TIDAL will continue to operate independently within Square, alongside the Seller and Cash App ecosystems.

Jack Dorsey explained in a series of tweets why a music streaming company and a financial services company would want to join forces?!

“It 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.”

“Square started 12 years ago by giving small sellers a simple tool in order to participate more fully in the economy and grow. We did the same for individuals with Cash App, which now enables a comprehensive set of financial services for folks who weren’t able to access it before.”

‘TIDAL started with the idea of honoring artists by being artist-owned and led, focused on an uncompromised experience of the art. It’s refreshing and right. The vision only grows stronger as it’s matched with more powerful tools for artists, inclusive of new ways of getting paid.’

“Given what Square has been able to do for sellers of all sizes and individuals through Cash App, we believe we can now work for artists to see the same success for them, and us. We’re going to start small and focus on the most critical needs of artists and growing their fanbases.”

“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 Shawn “JAY-Z” Carter. “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!”

Jay-Z launched TIDAL in March 2015 to become the first artist-owned digital-music service. It currently has an extensive catalog of more than 70 million songs and 250,000 high-quality videos

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