Music mogul JAY-Z is reportedly selling his TIDAL streaming service for a whopping $350 million USD.
XXL Magazine reports that JAY-Z is selling TIDAL to Square Inc., a financial company owned by Twitter CEO Jack Dorsey. The deal gives Square 80 percent ownership of TIDAL, as well as allows the company to acquire the licensing deals with all major record labels. However, artists and owners are expected to stay with TIDAL. Additional information indicate that Square Inc. is set to pay $297 million USD in cash and stocks.
In March 2021, JAY-Z tweeted about the agreement with Dorsey stating, “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.” He adds, 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. This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”
Since its launch in 2015, TIDAL has been in conversations with Apple to purchase the platform back in 2016. In 2017, Sprint purchased a 33 percent stake in TIDAL. JAY-Z has made several business moves lately, most recently selling half of his Ace of Spades champagne line to LVMH for $600 million USD.