![]() ![]() “Tidal isn’t worth anything without Jay-Z,” the source said. “Jay-Z has been trying to dump it for a long time,” the exec told The Post. Instead of selling it outright, he got a partner in wireless carrier Sprint, bought a 33 percent stake at a $600 million valuation. The “Empire State of Mind” artist started shopping Tidal two years after he bought it for $56 million in 2015, thinking he could get $1 billion for it, the exec said. The talks with Dorsey appear to be the latest episode in Jay-Z’s lengthy quest to sell Tidal, which has struggled to compete with larger rivals Spotify and Apple Music, according to a music executive familiar with Tidal’s business. The tech tycoon and the music mogul were seen again last month hanging out on a beach with actor Sean Penn. It’s unclear how much the Cash App parent might be willing to pay for Tidal, and the discussions may not lead to a deal, according to the outlet.īut the report comes after the business duo were spotted in August lounging on a yacht in the Hamptons with Jay-Z’s wife Beyoncé. Tech billionaire Jack Dorsey has reportedly held talks with Jay-Z about his payments firm Square acquiring Tidal, the Brooklyn-born rapper’s music streaming service.ĭorsey - also the co-founder and CEO of Twitter - is interested in taking over Tidal in an effort to diversify Square’s business, Bloomberg News reported Wednesday, citing an unnamed source familiar with the situation. So this is what that Hamptons yacht ride was all about. Twitter co-founder Dorsey says company ‘went south’ after Elon Musk took over Jack Dorsey’s exclusive Bluesky social network angles to compete with Twitter Twitter co-founder Jack Dorsey endorses Robert F. Square’s stock dropped a further 3% in after-hours trading.VR headsets will have people ‘drinking their food out of straws’: Jack Dorsey Square’s share price dropped 6.7% in regular trading, to $218.41. Investors were not pleased with the news of the acquisition. As CNBC wrote, people are buying NFTs these days out of the belief that they’ll be able to prove ownership of a virtual item thanks to blockchain. Known more commonly as NFTs, the tokens operate on the Ethereum blockchain and offer a collector’s item that can’t be duplicated. Recode suggested that the deal may be focused around things such as Square selling T-shirts for musicians on tour but noted that the two companies could also work on non-fungible tokens. 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.” “New ideas are found at intersections and we believe there’s a compelling one between music and the economy. “It comes down to one simple idea: finding new ways for artists to support their work,” said Dorsey said in a statement. Officially the acquisition is being pitched as extending “Square’s purpose of economic empowerment to a new vertical: musicians.” The obvious question is why would a payment service such as Square, run by Jack Dorsey, who is also the chief executive of Twitter Inc., want to buy a less-than-successful music streaming service for an arguably high price. Obtaining a hard number for the company is difficult as well as of 2019, it was lumped in the 14% of music streaming companies regarded as “others” in data provided by Statista.Ī report in 2016 claimed that Apple was holding talks to acquire Tidal, but nothing further came of those talks. ![]() In offering no free version and only relatively high-priced subscription options, Tidal has struggled to find users.Ī month after launching in 2015, the service was described as sinking like a brick and though it carved out a niche audience, it has never achieved a significant market share. It competes directly with Spotify Technology SA, Apple Inc. Under the terms of the deal, previous majority owner Jay-Z is joining Square’s board, while other famous music artists that currently own minority shares in the company will remain as shareholders.įounded in 2014 and acquired by Jay-Z for $56 million in March 2015, the service differentiates itself by offering high-fidelity music streaming for $20 a month, as well as a lower-quality stream for $10 a month. The exact size of the stake, made with a combination of cash and stock, was not disclosed. today revealed it has purchased a majority stake in Aspiro AB, the owner of the Tidal music streaming service, for $297 million. ![]()
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