Jay-Z’s business power moves show no end as the Roc Nation boss announced Thursday, March 4, that his streaming service Tidal has sold majority ownership to Square founder and Twitter CEO Jack Dorsey.
Square will be paying $297 million in cash and stock in Tidal as part of the agreement and Jay-Z will join Square’s board of directors. Tidal will continue running as a separate company but will now have Square’s software technology as one of its resources.
Jay-Z told the Associated Press in a statement about the deal, “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. Jack and I have had many discussions about Tidal’s endless possibilities that have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board. This partnership will be a game-changer for many. I look forward to all this new chapter has to offer.”
Tidal was launched six years ago and has a catalog of over 70 million songs and 250,000 videos. The streaming service also has listeners in more than 56 countries.
Dorsey spoke on the deal in the statement as well adding, “It comes down to one simple idea: finding new ways for artists to support their work. New ideas are found at intersections and we believe there’s a compelling one between music and the economy. I knew Tidal was something special as soon as I experienced it, and it will continue to be the best home for music, musicians, and culture.”
Bloomberg reported that the deal was possibly in the works in December but nothing was cemented at the time. Jay-Z purchased Tidal in 2015 for $56 million.
