Even though TIDAL maintains its own fair share of dedicated users and is often taken out of the larger conversation when talking about streaming services like Spotify, Apple Music, even Amazon Music, Deezer or YouTube Music. It has the highest quality music available on comparable streaming services but was launched a little late and does not have a large enough library to effectively attract new users on a scale from other platforms.
Today it is San Francisco-based financial services providers, merchant service aggregators, and mobile payment companies place has announced that it will acquire a majority stake in TIDAL. In the press release announcing the plans, Square expects to pay a mix of cash and stock from $ 297 million For a significant majority stake, existing artist shareholders will be the remaining stakeholders. In addition to the Seller and Cash App ecosystems, TIDAL will operate independently within Square. “
Square, which also operates the Cash App mobile payment service, was co-founded by Jack Dorsey, also co-founder and CEO of Twitter.
“It comes down to a simple idea: finding new ways for artists to support their work,” said Dorsey. “New ideas come at the crossroads, and we believe there is a compelling one between music and business. I knew TIDAL was special as soon as I experienced it and it will continue to be the best home for music, musicians and culture. “
“I said from the start that TIDAL is 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 aid them on their creative journey. Jack and I have had a lot of discussions about the endless possibilities of TIDAL that have inspired me even more for the future. This shared vision makes me even more excited to join the Square Board. This partnership will be vital for many. I look forward to all that this new chapter has to offer! “
Dorsey explained the takeover a little more on Twitter (excerpt below):
Square has created ecosystems of tools for sellers and individuals, and we’re going to do the same for artists. We’ll be working on all-new listening experiences to bring fans closer together, simple integrations for merch distribution, modern tools for collaboration, and new complementary revenue streams.
– jack (@jack) March 4, 2021