The only time either of The Carters decide to speak on the internet is when something monumental is happening and Square Inc.’s acquisition of TIDAL’s majority stake definitely qualifies.
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Square Inc.— the financial company led by Jack Dorsey— will pay $297 million through cash and stock to obtain the music streaming platform, owned by JAY-Z. Artists who are currently stakeholders will be able to keep their shares of TIDAL. The "business, man" will also join Square’s board of directors and the streaming service will run independently under Square. However, it’s being reported that Jesse Dorogusker, Square’s hardware lead, will serve as the interim head of TIDAL when the deal closes, which is expected to happen during the second quarter of 2021.
Jay-Z took to Twitter to express his thoughts about the acquisition. “I said from the beginning that TIDAL was about more than just streaming music,” he began. “And six years later, it has remained a platform that supports artists at every point in their careers. Artists deserve better tools to assist them in their creative journey,” Hov continued. He declared that Dorsey is “one of the greatest minds of our times,” and that “this partnership will be a game-changer for many.”
Dorsey also answered the burning question on everyone’s mind: “Why would a music streaming company and a financial services company join forces?!” According to him, “it comes down to a simple idea: finding new ways for artists to support their work. 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.”
The Twitter CEO went on to explain how innovative the acquisition actually is. “We’re going to start small and focus on the most critical needs of artists and growing their fanbases,” he states. Furthermore, he aims to arm artists with better tools, including “new ways of getting paid,” by “[working] on entirely new listening experiences to bring fans closer together, simple integrations for merch sales, modern collaboration tools, and new complementary revenue streams.”
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