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. Owners include several other high-profile artists, including Madonna, Rihanna and Jay-Z's wife, Beyonce.īut Tidal has struggled to compete against much larger streaming services such as Spotify and Apple. 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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