Jay-Z continues to make major moves. And his latest relates to streaming service TIDAL.
For, the mega-mogul has just sold a majority stake in the platform to Twitter founder Jack Dorsey.
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Moments ago, Jay, Tidal, and Dorsey’s tech company Square, Inc jointly revealed that the latter had acquired a majority stake in the streamer.
Touted as a “significant majority,” reports say Square will pay $297 million in stock and cash for the stake in TIDAL. Jay-Z will join Square’s board.
Speaking on the seismic deal, Jay tweeted:
“This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!
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.
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. Artists deserve better tools to assist them in their creative journey.”
The news comes after an earlier report hit the wire suggesting a deal was imminent.
It’s a fascinating new chapter in the TIDAL narrative, which first began back in 2016 when Jay purchased the Swedish platform and rebranded it as the artist-owned streaming service it is today.
In a bid to make waves as streaming established itself as music’s leading format, TIDAL explored exclusive releases from some of its banner acts, moved into the live space, and more.
The company later received a boost when Sprint purchased a percentage in 2017.
And while TIDAL amassed a loyal base, its subscriber numbers paled in comparison to market leaders such as Spotify and Apple Music.
Time will tell if its new owners can turn the tide, so to speak.
For Jay, it serves as another day, another deal.
As reported, he sold 50% of his successful luxury champagne brand Armand de Brignac (Ace of Spaces) to Moët Hennessy in a mega-millions deal.