Square, the mobile payments firm run by Jack Dorsey, has agreed to acquire a majority stake in Jay-Z's music streaming service Tidal for $297 million, the companies announced Thursday.
"We see a real connection to considering artists as entrepreneurs, as CEOs of their own business life, not just the biggest musicians in the world," Square hardware lead Jesse Dorogusker, who will serve as the interim lead of Tidal after the deal closes, tells. He notes that many people just starting out in the music industry"don't have all the access they need, they get paid slowly, they don't see all the data.
But in the years since, music streaming has become a two-horse race between Spotify with its 155 million subscribers and Apple Music with its 60 million-plus subscribers. Even Jay-Z appeared to recognize the power of Spotify when, in 2019, he released his music catalog back on the streamer after a two-year hiatus.
The executive confirms that Square has retained the Tidal leadership team and just under 200 employees, who are based out of New York, Oslo and other local market offices. He says Square will continue to operate Tidal as a music streaming service even as it looks to create other tools that can help support musicians' businesses.
get the feeling jack just wanted to associate with all these cool stars. cause as a streaming service it isnt a booming business
Very difficult for Tidal to create a lane with Apple,& Spotify have so much market share?
Jay further helping Dreadlock normalization in the white corporate sphere. 😂 RasThaFarEye
So he’s just a figurehead
Capitalism is Priceless...
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