Rapper Jay-Z -
William Farrington / Polaris / Starface
Change of management at Tidal.
The streaming service, relaunched by Jay-Z, will now be controlled by Square, one of the companies of Jack Dorsey, the creator of Twitter.
The rapper has indeed sold part of his shares, which allows the businessman to be the majority shareholder.
The deal, valued at $ 297 million by
, also means Jay-Z is joining Square's board.
A good deal for Beyoncé's husband, since he had bought Tidal (created by the Norwegian company Aspiro) in 2015 for $ 56 million with the co-founders of the service, including the star's own wife, but also Rihanna or even Madonna.
“Why would a music streaming company and a financial services company team up?
It boils down to a simple idea: finding new ways for artists to support their work.
New ideas are at the crossroads, and we think there is a compelling link between music and the economy, ”Jack Dorsey posted on Twitter.
"Tidal has remained a platform that supports artists at every stage of their career"
Tidal is obviously still far from the leader in music streaming Spotify, but the service has found a specific angle to enter this ultra-competitive market: it places itself in the camp of artists.
Many musicians no longer hesitate to point the finger at the low royalties paid to them by Spotify.
Tidal, with its 70 million tracks and 250,000 music videos (at the last census, in 2020), promised better remuneration and better audio and video quality content than its competitors (which, besides Spotify, include Deezer or Apple Music).
“I said from the start that Tidal isn't all about streaming music, and six years later it has remained a platform that supports artists at every stage of their careers.
Artists deserve better tools to help them in their creative journey, ”said Jay-Z, also on his partner's social network.
If he has not released an album for three years and
Everything in Love
, with Beyoncé, the rapper has found other occupations.
Last week, he had already announced a partnership with LVMH for his champagne brand Armand de Brignac.
Rihanna seeks $ 100 million to develop Savage X Fenty, her lingerie brand