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Yesterday, Twitter co-founder and CEO Jack Dorsey acquired Jay-Z’s streaming platform Tidal for $297 million.
According to reports, Square inc. A financing services company established by Dorsey is in charge of the stake.
Jay Z did not only sold his majority stake in Tidal but will also join Square’s board of directors as Tidal operates independently with Square’s portfolio of assets
Jack as Nigerians loves to call the Twitter CEO 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.”
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. Why would a music streaming company and a financial services company join forces?!
Thank you for reading this post, don't forget to subscribe!— jack (@jack) March 4, 2021
Jay-Z (real name Shawn Carter) turned to Twitter for his 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.
It was gathered that Jay Z had purchased Tidal for $56 million which now sold in part for $297 million.
Now tell me if that’s not a good deal.
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