#Square tidal 297m jayz squarerosman free#

Obtaining a hard number for the company is difficult as well as of 2019, it was lumped in the 14% of music streaming companies regarded as “others” in data provided by Statista.Ī report in 2016 claimed that Apple was holding talks to acquire Tidal, but nothing further came of those talks.

#Square tidal 297m jayz squarerosman free#

In offering no free version and only relatively high-priced subscription options, Tidal has struggled to find users.Ī month after launching in 2015, the service was described as sinking like a brick and though it carved out a niche audience, it has never achieved a significant market share. It competes directly with Spotify Technology SA, Apple Inc. Under the terms of the deal, previous majority owner Jay-Z is joining Square’s board, while other famous music artists that currently own minority shares in the company will remain as shareholders.įounded in 2014 and acquired by Jay-Z for $56 million in March 2015, the service differentiates itself by offering high-fidelity music streaming for $20 a month, as well as a lower-quality stream for $10 a month. The exact size of the stake, made with a combination of cash and stock, was not disclosed. today revealed it has purchased a majority stake in Aspiro AB, the owner of the Tidal music streaming service, for $297 million. “There are tools they need to be successful and that we are going to build for them,” said Jesse Dorogusker, a Square executive who will run Tidal on an interim basis.Financial services provider Square Inc. Square, founded in 2009, offers financial tools for small businesses, which will help artists to explore options such as receiving digital payments direct from fans. In 2017, Jay-Z removed most of his music from Spotify, but restored it in 2019 for his 50th birthday. Last month, Spotify announced its own high-resolution streaming option, which will compete against Tidal. While Tidal has carved out its niche, offering more than 70m songs and 250,000 high-quality videos, the global market is dominated by Spotify, Apple Music and Amazon Music. The service, which counts artists such as Coldplay and Daft Punk as owners, differentiated itself by offering high-quality audio and video and paying better royalty rates to artists than rivals such as Spotify. Square said it has taken a “significant majority ownership stake” in Tidal, which Jay-Z bought in partnership with other artists for $56m in 2015. New ideas are found at intersections, and we believe there is a compelling one between music and the economy.”

“It comes down to a simple idea: finding new ways for artists to support their work. “Why would a music streaming company and a financial services company join forces?!,” Dorsey posted on Twitter, posing the obvious question as he announced the news. While the terms of the deal were not disclosed, the brand has been valued at $630m by Forbes.

It is the second deal in as many weeks for the rapper after he sold half of his Armand de Brignac champagne company, better known as Ace of Spades, to LVMH, the luxury goods company.