Square acquires stake in Tidal

Can’t knock this hustle: Jack Dorsey‘s Square is buying what it calls a big majority possession stake in Tidal, the music streaming service owned by Jay-Z.

Square can pay $297 million in money and inventory, the businesses revealed this morning. The music famous person Jay-Z, aka Shawn Carter, will be part of Square’s board of administrators as a part of the deal.

The announcement refers to musicians as “a brand new vertical.”

Tidal has greater than 70 million songs and 250,000 movies and is obtainable in 56 nations. Month-to-month subscriptions are $9.99 and $19.99.

“It comes down to at least one easy concept: discovering new methods for artists to help their work,” Dorsey says in a written assertion. “New concepts are discovered at intersections, and we imagine there’s a compelling one between music and the economic system. I knew Tidal was one thing particular as quickly as I skilled it.”

Square has repeatedly been named a Quick Firm Most Modern Firm, most just lately in 2019. Jay-Z was on our Most Artistic Individuals checklist in 2010.

“Artists deserve higher instruments to help them in their artistic journey. Jack and I’ve had many discussions about Tidal’s limitless prospects which have made me much more impressed about its future,” Jay-Z says.

Dorsey can also be the CEO of Twitter.