Jay-Z will not only remain a stakeholder, but is also expected to join the Square board of directors. He says Square will continue to operate Tidal as a music streaming service even as it looks to create other tools that can help support musicians’ businesses.

The executive confirms that Square has retained the Tidal leadership team and just under 200 employees, who are based out of New York, Oslo and other local market offices. Talks between Dorsey and Jay-Z began a few months ago and progressed after the duo, per Dorogusker, “discovered this shared purpose between them, which was to build things that empowered others to be more successful in their own work.” The company has not disclosed how many people pay for its service since 2016, when it had 3 million subscribers. Today, Tidal offers 70 million songs and 25,000 videos to listeners in 56 countries. Even Jay-Z appeared to recognize the power of Spotify when, in 2019, he released his music catalog back on the streamer after a two-year hiatus. and Apple had yet to launch Apple Music.īut in the years since, music streaming has become a two-horse race between Spotify with its 155 million subscribers and Apple Music with its 60 million-plus subscribers. At the time, Spotify was still a relative newcomer in the U.S. When Jay-Z first unveiled his plans for Tidal, which he purchased for $56 million, the premise was to charge a premium for access to high-quality streaming music from a roster of top artists.

“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,” he added. It’s really down the middle of things that Square has done uniquely well.”ĭorsey, in a statement, explained that the deal is all about helping artists support their work. He notes that many people just starting out in the music industry “don’t have all the access they need, they get paid slowly, they don’t see all the data. “We see a real connection to considering artists as entrepreneurs, as CEOs of their own business life, not just the biggest musicians in the world,” Square hardware lead Jesse Dorogusker, who will serve as the interim lead of Tidal after the deal closes, tells The Hollywood Reporter. Pharrell, Jay-Z's Roc Nation, Bill Clinton and More Remember Clarence Avant: 'The Ultimate Example of What Change Looks Like'

The San Francisco-based financial services company behind the Cash App might seem an odd partner for Tidal, which Jay-Z purchased about six years ago in a bid to give artists more control over the distribution of their music, but the companies are positioning the deal as a natural extension of the work that Square already does with small businesses. Through the deal, Jay-Z and Tidal’s other artist shareholders - including Beyoncé, Madonna and Rihanna - will continue to own their piece of the business, which will operate as an independent division within Square. Square, the mobile payments firm run by Jack Dorsey, has agreed to acquire a majority stake in Jay-Z’s music streaming service Tidal for $297 million, the companies announced Thursday.

Square tidal 297m jayz squarerosman