Jay-Z Sells TIDAL to Square Inc., Twitter CEO Jack Dorsey for $297M Square, Inc., has acquired a majority stake of the streaming service TIDAL, which was the first service to support MQA and high-resolution audio. Apple considers takeover of Jay Z's Tidal, Pope and cleric discuss plight of Iraq's Christians. Square, an American financial services company that operates Cash App, is reportedly interested in purchasing Tidal from Jay-Z… 4), the hip hop mogul is expecting $297 million in a mix of cash and stock by the mobile payments company for his stake in the streaming music service. It’s refreshing and right. Jay-Z Sells Majority Stake In Tidal To Jack Dorsey’s Company Square, Joins The Board HANNAH MCKAY/POOL/AFP via Getty Images News March 4, 2021 10:21 AM By Chris DeVille Billionaire Jay-Z’s Net Worth Jumps 40% With Sales Of Streaming Service Tidal, Champagne Brand. Sprint's decision to invest is a sign the mobile operator wants to provide its customers with more content in a highly competitive market. 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. VideoThe pizza place with sign language on the menu, The mystery American woman wanted in the UK. To all of TIDAL’s current listeners and fans: THANK YOU for your loyalty and commitment to artists and their work. I knew TIDAL was something special as soon as I experienced it, and I’m inspired to work with him. 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. In a press statement on Thursday (Mar. Tidal, the streaming service bought by Jay-Z and other musicians in 2015, has been sold to Square, the point-of-sale services company co-founded by Twitter’s Jack Dorsey. Video, The pizza place with sign language on the menu, Three surprising things you can make with mushrooms. By DHH_Admin. As a result of the deal, Sprint customers would have access to exclusive Tidal content. JAY-Z is making more power moves. “Artists sell tickets, they sell special experiences,” he added. The BBC is not responsible for the content of external sites. Square started 12 years ago by giving small sellers a simple tool in order to participate more fully in the economy and grow. Its operations have since expanded to include Cash App and, as of yesterday, its own bank. Square created ecosystems of tools for sellers & individuals, and we’ll do the same for artists. Taylor Swift Calls Out “Lazy, Deeply Sexist”. The announcement came on Thursday that the music streaming service will now be taken over by Square, which is a point-of-sale services company co-founded by Dorsey and is set to be the next generation of services offered in a widely evolving digital business era. Last summer, Jay-Z and Beyoncé were spotted on a yacht in the Hamptons with Jack Dorsey, the CEO of Twitter. Now, the pitch has evolved to include Square’s financial tools as a way of helping artists profit from their work. The young rebels risking their lives for the future, Why popular YouTubers are building their own sites, Three surprising things you can make with mushrooms. Jay Z bought Tidal three years ago … It comes down to a simple idea: finding new ways for artists to support their work. TIDAL will continue to be the best home for music, musicians, and culture. Square will pay $297 million in cash and stock for Tidal, Jay-Z will be named to Square's board, and artists who own shares in Tidal will remain stakeholders. JAY-Z Sells Majority Stake of TIDAL to Twitter’s CEO. Jay-Z, born Shawn Carter, will keep a Tidal stake as part of a group of artist-owners that will constitute the service’s second-largest shareholder, according to Dorsey. Making the economy work for artists is similar to what Square has done for sellers.”. This shared vision makes me even more excited to join the Square board. December 28, 2020 - 5:49 pm by VIBE Staff Hov and Twitter boss Jack Dorsey have reportedly been in negotiations. “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,” Jay-Z wrote on Twitter. Artists deserve better tools to assist them in their creative journey. I look forward to all this new chapter has to offer!”, “Square is acquiring a majority ownership stake in TIDAL through a new joint venture, with the original artists becoming the second largest group of shareholders, and JAY-Z joining the Square board,” Dorsey wrote in a lengthier Twitter thread. Read about our approach to external linking. The Catholic leader had a historic meeting with Iraq's Shia Muslim leader, Grand Ayatollah Ali al-Sistani. Jay-Z sells a majority share of Tidal to tech company Square Inc. to $297 million. But despite a faithful core of users, Tidal has struggled to compete in the increasingly crowded streaming market. The pizza place with sign language on the menu. The deal means that Jay Z, whose real name is Shawn Carter, will make a return on the initial $56m investment he made when he bought Tidal from Norway's Aspiro in 2015. Music - 2 days ago. The American rapper Jay Z is selling a stake in his Tidal music streaming business to the telecoms company, Sprint. We’re going to start small and focus on the most critical needs of artists and growing their fanbases. Jay Z bought Tidal three years ago and his wife Beyonce and other artists own equity in the company. Last month Dorsey and Jay-Z announced they had partnered on a new Bitcoin endowment designed to develop the currency in India and Africa. John McAfee charged with fraud over cryptocurrency, The pizza place with sign language on the menu. 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. Press Release Robert Archer • March 4, 2021 After selling half of Armand de Brignac to LVMH Moët Hennessy Louis Vuitton, the hip-hop mogul has sold a majority ownership stake in TIDAL … I’m grateful for Jay’s vision, wisdom, and leadership. We’ll work on entirely new listening experiences to bring fans closer together, simple integrations for merch sales, modern collaboration tools, and new complementary revenue streams. 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. Jay Z Is Allegedly In Talks To Sell Tidal. The American rapper Jay Z is selling a stake in his Tidal music streaming business to the telecoms company, Sprint. Tidal, meanwhile, is the high-definition music streaming service Jay launched in 2015 with much fanfare and an all-star cast of stakeholders including Kanye West, Rihanna, Arcade Fire, Daft Punk, Madonna, Jack White, Chris Martin, Alicia Keys, Jason Aldean, and more. Rap mogul JAY-Z is no longer head honcho over at streaming giant TIDAL. This partnership will be a game-changer for many. It comes down to a simple idea: finding new ways for artists to support their work. TIDAL started with the idea of honoring artists by being artist-owned and led, focused on an uncompromised experience of the art. I’m grateful for Jay’s vision, wisdom, and leadership. Jack Dorsey’s payment-processing company Square, Inc. has purchased a “significant” majority ownership stake in Jay-Z’s Tidal for $297 million in cash and stock. Sprint, which is owned by Japan's Softbank, will pay an estimated $200m (£162m) for a 33% stake in the company. Jay Z gets a seat on the board of Square, which is Dorsey’s main company, a cash app. Hov and Twitter boss Jack Dorsey have reportedly been in negotiations. Tidal could soon find itself under new ownership. “Why would a music streaming company and a financial services company join forces?! © 2021 BBC. The vision only grows stronger as it’s matched with more powerful tools for artists, inclusive of new ways of getting paid. It's refreshing and right. I knew TIDAL was something special as soon as I experienced it, and I’m inspired to work with him. VideoThree surprising things you can make with mushrooms, How a Kenyan town morphed into 'Little Italy', The mystery American woman wanted in the UK1, Amanda Gorman says guard called her 'suspicious'2, John McAfee charged with fraud over cryptocurrency3, Pope and cleric discuss plight of Iraq's Christians4, Why is Harry and Meghan's interview controversial?5, 'I would never have bought my flat if I knew'6, Dictionary urged to change definition of 'woman'9, US and EU suspend tariffs in Boeing Airbus row10. https://t.co/YRfYjcWJQx pic.twitter.com/xBtq2xfwue, The Number Ones: U2’s “I Still Haven’t Found What I’m Looking For”, Shut Up, Dude: This Week’s Best And Worst Comments, Taylor Swift Calls Out “Lazy, Deeply Sexist” Ginny And Georgia Joke. Jay-Z purchased Tidal in 2015 for $56 million from Swedish company Aspiro. JAY-Z has sold a majority of his ownership stake in TIDAL to Square, Inc. Square, the mobile payments firm run by Jack Dorsey (Twitter’s co-founder) has acquired a majority stake in Jay-Z’s Tidal audio and video music streaming service in a $297m deal. At the time, the pitch was that artist-owned service would prioritize the needs of artists, as opposed to Spotify, Apple, and the rest, in part by paying out higher royalty rates than its competitors and offering higher sound quality — not to mention exclusive content from the celebrity owners and other artists, such as Beyoncé’s 2016 visual album Lemonade and various concert livestreams from Jay-Z and others. He’ll now help lead our entire company, including Seller and the Cash App, as soon as the deal closes. The vision only grows stronger as it’s matched with more powerful tools for artists, inclusive of new ways of getting paid. And now Jay Z is cashing out. Jay Z Is Allegedly In Talks To Sell Tidal. 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. The streaming service, relaunched by Jay-Z, will now be controlled by Square, one of the companies of Jack Dorsey, the creator of Twitter. New ideas are found at the intersections, and we believe there’s a compelling one between music and the economy. Jay-Z sells Tidal … Mar 6 2021. Jay-Z acquired Tidal for $56 million in 2015 and announced plans to turn it into the first artist-owned streaming service. JAY-Z continues to share. Making the economy work for artists is similar to what Square has done for sellers. He’s sold the service to Twitter star Jack Dorsey’s Square for $297 million. Square began by providing the gadget that allowed vendors to swipe credit cards on their smartphones. TIDAL started with the idea of honoring artists by being artist-owned and led, focused on an uncompromised experience of the art. ... Jay-Z inked a deal to sell a majority stake in music streaming company Tidal to … Tidal has a 42 million song catalogue and is available in 52 countries, but is currently much less widely used than services from Spotify and Apple. Video, Three surprising things you can make with mushrooms, Amanda Gorman says guard called her 'suspicious', 'I would never have bought my flat if I knew', Dictionary urged to change definition of 'woman', US and EU suspend tariffs in Boeing Airbus row. Jay-Z Explains Why He Sold Tidal To Square, Tapped To Run Cash App By : Kershaw St. Jawnson / Categories : News / March 4, 2021 Rap star Jay-Z has done it again, with the sale of Tidal … “Artists deserve better tools to assist them in their creative journey.”, Jay added, “Jack is one of the greatest minds of our times, and our many discussions about TIDAL’s endless possibilities have made me even more inspired about its future. Jay-Z, who founded streaming service TIDAL, has sold a majority stake in the company to Square, a company run and founded by Jack Dorsey, who is also the CEO of Twitter.As per the deal, JAY-Z will move to Square’s board of directors and Tidal’s artist owners will continue to co-own the platform, as the second largest group of shareholders. The rapper bought the company for $ 56 million with his associates in 2015 Rapper Jay-Z - William Farrington / Polaris / Starface Change of management at Tidal. He'll now help lead our entire company, including Seller and the Cash App, as soon as the deal closes. Our commitment to you is to constantly listen, learn, and work to make a service you love. Why is Harry and Meghan's interview controversial? New ideas are found at the intersections, and we believe there’s a compelling one between music and the economy. Jay-Z has been holding talks about selling off his music streaming service TIDAL.. Bloomberg News reported the possible suitor is US tech billionaire Jack Dorsey, best known as co-founder and CEO of Twitter.. Dorsey wants to acquire the streaming platform to diversify his digital payments firm Square, whose shares leaped 267% year-to-date, and has a positive reputation at Wall … The most important stories and least important memes, every Friday. Jay-Z has made another boss move as majority ownership of Tidal has been sold to Jack Dorsey’s Square. Hip Hop News, News. I look forward to all this new chapter has to offer! Aiming to challenge larger rivals such as Spotify, Tidal offers artists on its platform more control over their music. *Jack Dorsey’s mobile payments company Square, Inc. has acquired a majority stake in Jay-Z’s Tidal for $297 million in cash and stock. Perhaps they were talking business. And today Dorsey announced that Square, his financial services company, has acquired a majority share of Tidal from Jay-Z for $297 million. Read about our approach to external linking. Tidal, which Jay-Z bought in partnership with other artists in 2015 for $56 million, provides members access to music, music videos, and exclusive content from artists, but the streaming music industry has been dominated by competitors like Spotify, Apple, and Amazon. It is reported that they will remain part of the company. Other artists including Madonna, Rihanna, Daft Punk, Kanye West and Jay Z's wife Beyonce are part owners of the service, giving Tidal a star-studded board of directors. This partnership will be a game-changer for many. News of Sqaure's interest in Tidal comes on the heels of Jay and Dorsey being recently spotted hanging out together. As part of the deal, Jay-Z is joining Square’s board and, per Dorsey, will “now help lead our entire company, including Seller and the Cash App, as soon as the deal closes.” The artist stakeholders maintain their equity in the company in a secondary capacity. Jay-Z (Photo credit: Bang Media) Jay-Z may be looking to make another power business move as Bloomberg reports that the Roc Nation boss may be selling his music streaming service Tidal. The investment could help bolster Tidal in its battle to win ground from Spotify and Apple, which dominate the fast-growing music streaming industry. Jay-Z Sells Tidal to Jack Dorsey’s Square for $297M.