Jack Dorsey, Twitter co-founder is to buy Jay-Z’s streaming platform Tidal in a $297million (£213million) deal.
Square, Inc., the financial services company established by Dorsey is buying a “significant majority ownership” stake in Tidal.
Following the transaction, Jay-Z will join Square’s board of directors and Tidal will operate independently with Square’s portfolio of assets.
Dorsey broke the news with a thread on Twitter: “Why would a music streaming company and a financial services company join forces?,” he wrote. The real reason is to spot “new ways for artists to support their work,” he wrote.
“Finding new ways for artists to support their work. New ideas are found at the intersections, and we believe there’s a compelling one between music and the economy. Making the economy work for artists is similar to what Square has done for sellers.”
Jay-Z (real name Shawn Carter) turned to Twitter for his own perspective on the deal. It’s a win-win for the artist community.
“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. Artists deserve better tools to assist them in their creative journey,” he tweeted.
“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. This shared vision makes me even more excited to join the Square board.” And, “this partnership will be a game-changer for many. I look forward to all this new chapter has to offer!” he wrote in another message.
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