Square, a digital payments group led by Twitter boss Jack Dorsey, announced on Thursday that it was taking control of rap star Jay-Z’s streaming music platform Tidal.
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Square 7 releases 297 million in cash and shares to take a controlling stake in Tidal.
“This acquisition expands the vertical strategy of the square towards a new vision: the musicians,” the company wrote in a statement.
“It comes down to a simple idea: finding new ways to contribute to the work of artists,” Dorsey said on his Twitter account. “New ideas are at a crossroads and we believe there is a powerful link between music and economics.”
Jay-Z, originally named Shawn Corey Carter, bought the tidal in 2015 for approximately $ 56 million, but the service never went against competition from Spotify and Apple Music.
Other music stars, including J-Z wife Madonna, Alicia Keys, Rihanna or Beyonc, also have stakes in the company’s capital.
With a list of over 70 million titles and 250,000 videos, Tidal stands apart from its rivals by offering its “premium subscription (99 19.99 per month) through” lossless audio experience “and” high reliable sound quality “. .
Available in over fifty countries, the platform offers a standard membership of 99.99 per month.
“Since then, I’m more than just a tidal music streaming service. Six years later, it remains a platform that supports artists at every stage of their careers,” Jay responded. -Z on Twitter. “Artists deserve better tools to help them in their creative journey”.
“This partnership has become a game for many,” continued the artist, who joined Square’s board of directors.
On the New York Stock Exchange, Square’s stock fell 2% in early trading.