{"id":194753,"date":"2021-03-04T18:08:39","date_gmt":"2021-03-04T15:08:39","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/square-buys-majority-stake-in-tidal-adds-jay-z-to-board\/"},"modified":"2021-03-04T18:08:39","modified_gmt":"2021-03-04T15:08:39","slug":"square-buys-majority-stake-in-tidal-adds-jay-z-to-board","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/square-buys-majority-stake-in-tidal-adds-jay-z-to-board\/","title":{"rendered":"#Square buys majority stake in Tidal, adds Jay-Z to board"},"content":{"rendered":"

“#Square buys majority stake in Tidal, adds Jay-Z to board<\/strong>”<\/p>\n

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Square has reached a deal with Jay-Z to take control of Tidal in an attempt to rejuvenate the struggling music streamer.<\/p>\n

The Jack Dorsey-led financial services firm will pay $297 million in cash and stock for a \u201csignificant majority ownership stake\u201d in Tidal, which the Brooklyn-born rapp<\/a>er acquired for $56 million in 2015.<\/p>\n

Jay-Z will also join Square\u2019s board of directors once the deal closes in the second quarter of this year, the company said<\/a> Thursday.<\/p>\n

The announcement came after Dorsey and Jay-Z dropped several hints that they were cooking something up. The pair was spotted lounging on a yacht in the Hamptons<\/a> with Jay-Z\u2019s superstar wife Beyonc\u00e9 in August before news<\/a> leaked in December that they were discussing a Square-Tidal tie-up.<\/p>\n

\u201cJack is one of the greatest minds of our times, and our many discussions about TIDAL\u2019s endless possibilities have made me even more inspired about its future,\u201d Jay-Z said<\/a> of his new partner on Twitter<\/a>, which Dorsey also leads as CEO.<\/p>\n

But Square investors appeared unconvinced \u2014 the company\u2019s stock price slid 1.7 percent on the news to $231.21 shortly after Thursday\u2019s opening bell.<\/p>\n

Dorsey contends that Square can help Tidal fulfill its mission of supporting the artists behind the more than 70 million songs available to stream on its platform, which has struggled to compete with larger rivals such as Spotify and Apple Music.<\/p>\n

The Cash App owner plans to help Tidal musicians grow their businesses and fanbases by building collaboration tools, making it easier to sell merchandise and creating \u201centirely new listening experiences,\u201d Dorsey said<\/a>.<\/p>\n

\"Tidal
The deal looks like a coup for Jay-Z, who had been seeking buyers for Tidal as early as 2017, as The Post previously reported.<\/figcaption>
Getty Images For Roc Nation<\/span><\/figcaption><\/figure>\n

\u201cGiven what Square has been able to do for sellers of all sizes and individuals through Cash App, we believe we can now work for artists to see the same success for them, and us,\u201d he said.<\/p>\n

The deal looks like a coup for Jay-Z, who had been seeking buyers for Tidal as early as 2017, as The Post previously reported. The service has been dragged down by weak subscriber numbers \u2014 thought to be between 1 and 5 million, paltry compared to Spotify\u2019s 345 million active users \u2014 and high turnover in its executive suite.<\/p>\n

Jay-Z, born Shawn Carter, will keep a Tidal stake as part of a group of artist-owners that will constitute the service\u2019s second-largest shareholder, according to Dorsey. That group also includes stars like Rihanna, Madonna and Alicia Keys.\n <\/p><\/div>\n