Jay-Z makes another major $297 million deal with Square, Inc. to sell a majority stake in TIDAL.
Jay-Z just announced another major deal, revealing that Square, Inc. has acquired a majority stake in TIDAL for $297 million. The rap billionaire businessman has also been named to Square’s board of directors. Jay-Z also made a change to his Twitter name and made a tweet which is the first time since 2018. The twitter handle has gone from username @S_C_ to simply @sc.
The deal includes all of TIDAL’s artist shareholders, which will remain as co-owners of TIDAL once the deal closes.
“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,” he said in a new tweet. “Artists deserve better tools to assist them in their creative journey. 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. This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”
Jack Dorsey also chimed in on the new deal stating, “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.”
Congratulations to Jay-Z on his recent deals and for artist’s creativity being taken into consideration for the future of streaming.
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