Square, Inc. is looking to jump into the music world.
The mobile payment company and merchant services aggregator has announced its plans in acquiring a majority ownership stake in TIDAL, a music streaming platform. Square will be paying a mix of cash and stock of 297 million USD for the acquisition and plans to name owner iconic hip-hop star and TIDAL head Shawn "Jay-Z" Carter in its Board of Directors.
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?!— jack (@jack) March 4, 2021
"It comes down to a simple idea: finding new ways for artists to support their work," Jack Dorsey, founder and CEO of Square shares in a statement. "New ideas are found at the intersections, and we believe there’s a compelling one between music and the economy. Making the economy work for artists is similar to what Square has done for sellers.
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"Square created ecosystems of tools for sellers & individuals, and we’ll do the same for artists. We’ll work on entirely new listening experiences to bring fans closer together, simple integrations for merch sales, modern collaboration tools, and new complementary revenue streams.," the American technology entrepreneur adds.
Shawn "Jay-Z" Carter chimes in, saying that since he'd acquired TIDAL in 2015, the streaming platform continues to support artists at every point in their careers. "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 offers excellent sound performance with a higher resolution audio experience than other streaming platforms for its users. It's got an option for lossless playback, exclusive content, music videos, and a HiFi plan that delivers 3D audio tracks using Dolby Atmos or Sony 360 Reality Audio codecs.