Square, the payment company of Twitter CEO Jack Dorsey, has put 297 million dollars (about 247 million euros) on the table for the streaming service Tidal, which rapper JAY-Z owned, among others.
Dorsey announces this on Twitter.
Dorsey explains on Twitter why the payment company invests in a music company.
"Tidal boils down to a simple idea: finding new ways for artists to support their work. We believe there is a big connection between music and economics. Making the economy work for artists is similar to what Square has for salespeople. done."
Square was founded in 2009 and was one of the first companies to allow sellers to scan credit cards via their smartphone.
As a result, they no longer had to buy additional software or machines, which cost them more money.
Later, the company came up with Cash App, which Dorsey says provides "a full set of financial resources for people who didn't have access to it at first."
Dorsey sees the resemblance to Tidal because it "wants to honor artists by owning the artists themselves and also looking for new ways to make money for artists".
In addition to JAY-Z, Béyoncé and Alicia Keys also have a share in the company.
With the transaction, the artists will become the second largest group of shareholders in the company and JAY-Z will join Square's board of directors.
Tidal will operate independently within the Square group, a statement said.
Tidal has now built up a catalog of 70 million songs and 250,000 videos.
It is available in 56 countries, including the Netherlands.
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 ?!
Avatar Author Jack Moment of Places 13:04 - 4 March 2021