“New ideas are found at intersections, and we believe there’s a compelling one between music and the economy,” he added. It’s really down the middle of things that Square has done uniquely well.”ĭorsey, in a statement, explained that the deal is all about helping artists support their work. He notes that many people just starting out in the music industry “don’t have all the access they need, they get paid slowly, they don’t see all the data. “We see a real connection to considering artists as entrepreneurs, as CEOs of their own business life, not just the biggest musicians in the world,” Square hardware lead Jesse Dorogusker, who will serve as the interim lead of Tidal after the deal closes, tells The Hollywood Reporter. Pharrell, Jay-Z's Roc Nation, Bill Clinton and More Remember Clarence Avant: "The Ultimate Example of What Change Looks Like" The San Francisco-based financial services company behind the Cash App might seem an odd partner for Tidal, which Jay-Z purchased about six years ago in a bid to give artists more control over the distribution of their music, but the companies are positioning the deal as a natural extension of the work that Square already does with small businesses. Through the deal, Jay-Z and Tidal’s other artist shareholders - including Beyoncé, Madonna and Rihanna - will continue to own their piece of the business, which will operate as an independent division within Square. Square, the mobile payments firm run by Jack Dorsey, has agreed to acquire a majority stake in Jay-Z’s music streaming service Tidal for $297 million, the companies announced Thursday.
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