Thursday, December 24, 2020

Will Jack Dorsey Purchase Tidal?

 


Since purchasing Tidal for $56 million back in 2015, Jay-Z has made the streaming service a big contender in the music industry. But it could be that Jay-Z is considering handing-off a majority stake in the company. The rapper has reportedly been in talks to sell the site to Twitter CEO Jack Dorsey and his Square Inc. payment company.


As reported by Bloomberg, Square Inc. is looking to “diversify” their assets with the purchase of Tidal. The streaming service hasn’t publicly released their year-end figures since reporting they had 3 million paying customers back in 2016, but Jay-Z’s move to put his music back on Spotify has led some to question the longevity of the platform.


Reports of the potential sale discussions were only solidified when Dorsey was spotted with Jay-Z and Beyonce back in August, then again this past month. But Jay-Z isn’t the only musician with a major stake in Tidal. According their website, Beyonce, Alicia Keys, Coldplay, Madonna, Rihanna and others have an investment in the company.


Neither Square nor Jay-Z have commented on news of the potential sale, but it would the latest entrepreneurial move Jay-Z has made lately. Not only did the rapper recently release his own brand of cannabis, but he backed an at-home workout start-up, which puts him in competition with Beyonce’s Peloton partnership.

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