Square buys $297M majority stake in TIDAL, pledges ‘economic empowerment’ for musicians
Square has made a $297 million investment in TIDAL that will give the financial services company a significant majority ownership stake in the Jay-Z led music streamer.
TIDAL will operate independently within Square. Jay-Z is expected to join the Square board of directors.
“Finding new ways for artists to support their work”
The acquisition extends Square’s “mission of economic empowerment” to a new vertical: musicians.
Many musicians already use Square to process in-venue and online credit card purchases of merch and music. But while not offering any details, Square and Twitter CEO Jack Dorsey is promising that is just the beginning.
“It comes down to one simple idea: finding new ways for artists to support their work,” said Jack Dorsey. “New ideas are found at intersections, and we believe there’s a compelling one between music and the economy. 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.”
Mining TIDAL’s A-list artist partners
TIDAL launched with a group of A-List artists including Alicia Keyes, Kayne West, Beyonce, Jason Alden, and Jack White as shareholders (full list below). As “the only music service built by artists, for artists,” TIDAL hopes to mine those partners at a time when fans are looking for authentic digital connections with their favorite artists.
In addition to JAY-Z, all of TIDAL’s artist shareholders will continue to be co-owners of TIDAL after the deal closes.
“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,” said Shawn “JAY-Z” Carter. “Artists deserve better tools to assist them in their creative journey. 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!”
The TIDAL artist-owners are:
- Alicia Keys
- Arcade Fire’s Win Butler and Regine Chassagne
- Beyoncé
- Calvin Harris
- Coldplay’s Chris Martin
- Daft Punk
- Damian Marley
- deadmau5
- Indochine
- J. Cole
- Jack White
- Jason Aldean
- Shawn “JAY-Z” Carter
- Kanye West
- Lil Wayne
- Madonna
- Nicki Minaj
- Rihanna
- T.I.
- Usher
“TIDAL sets a high standard for supporting artists, capturing music culture, and delivering the best audio quality to fans,” said Jesse Dorogusker, a Square executive who will serve as interim lead of TIDAL upon the closing of the transaction. “Square has also set a high standard for building elegant, accessible, and fair tools for sellers and individuals to economically empower them. Together, TIDAL and Square will be music-obsessed and artist-focused while we explore new artist tools, listener experiences, and access to financial systems that help artists be successful.”
