Tidal will operate independently within Square and Jay-Z along with Tidal’s other existing artist-shareholders, including wife Beyoncé, and Rihanna, will retain some ownership in the company. Square expects to pay a mix of cash and stock of $297m (£213m). Photo: Reutersįintech company Square ( SQ) announced on Thursday it will acquire a majority ownership stake in Tidal, the music streaming service owned by musician Jay-Z. It will remain to be seen how committed the new ownership will be to TIDAL’s leadership in the area of artist royalty payments and its commitment to the adoption of high-resolution audio.Jay-Z is expected to join Square’s board of directors subject to the closing of the transaction. In addition to JAY-Z, all of TIDAL’s artist shareholders will continue to be co-owners of TIDAL after the deal closes.īased on current information, Square does not expect TIDAL’s financial results to have a material impact on Square’s consolidated revenue or gross profit in 2021. Over the years, Carter has also remained committed to giving back to underserved communities, including through his work with the Shawn Carter Foundation and The REFORM Alliance. Carter founded preeminent entertainment company Roc Nation and sports agency Roc Nation Sports, launched and owns the successful “Made In America” festival, and executive-produced award-winning documentaries, among other achievements. TIDAL board member and shareholder Shawn “JAY-Z” Carter is expected to join Square’s board of directors subject to the closing of the transaction. Together, TIDAL and Square will be music-obsessed and artist-focused while we explore new artist tools, listener experiences, and access to financial systems that help artists be successful.” “Square has also set a high standard for building elegant, accessible, and fair tools for sellers and individuals to economically empower them. Related: Spotify Hi-Fi Ups Streaming Quality Ante, But Is It Worth It? “TIDAL sets a high standard for supporting artists, capturing music culture, and delivering the best audio quality to fans,” notes Jesse Dorogusker, a Square executive who will serve as interim lead of TIDAL upon the closing of the transaction. TIDAL is designed as a music service built by artists, for artists-and TIDAL is proven to be an innovator in the streaming media market through its catalog of more than 70 million songs and 250,000 high-quality videos.Īdditionally, the streaming services has a global presence with listeners in more than 56 countries and relationships with more than 100 labels and distributors. I look forward to all this new chapter has to offer.” This partnership will be a game-changer for many. This shared vision makes me even more excited to join the Square board. Jack and I have had many discussions about TIDAL’s endless possibilities that have made me even more inspired about its future. “Artists deserve better tools to assist them in their creative journey. “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,” says Shawn “JAY-Z” Carter. Square boasts that it has helped millions of businesses start, run, and grow by providing them with tools needed for success. The company states that artists are entrepreneurs with a dream and deserve access to systems, tools, and financial freedom to reach those dreams at every stage in their career. Learn about smart electrical breaker panels that can dynamically manage loads to prioritize critical circuits, balance alternative energy sources, and reduce homeowners’ electric bills. Integrators are ideally suited to help bring intelligent power solutions to the home. Discover New Revenue Sources for Your Integration Business