Jay-Z Officially Sold TIDAL for $350 Million
Business and music mogul Shawn "Jay-Z" Carter officially sold streaming service TIDAL on Friday, April 30, Square and Twitter CEO Jack Dorsey. Carter sold the platform for $350 million, after being in talks with Dorsey since March.
The platform is subscription-based, hosting music, music videos, podcasts,
“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,” said Jay-Z in a tweet back in March. “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!”
“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.”
Due to the recent deal, Square gets 80 percent ownership of TIDAL and licensing deals with major record labels. Additionally, Jay-Z has been appointed to Square's board of directors.
Jay-Z launched TIDAL back in 2015, with a $56 million investment that included a partnership with Beyonce, Rihanna, Kanye West, Madonna, Alicia Keys, Calvin Harris, Chris Martin and others, making them owners of the platform.
However, Kanye West left TIDAL in 2017, after a financial disagreement with its board of directors.
Since TIDAL's launch, Apple has engaged the platform in purchasing conversations. Sprint was able to gain 33 percent ownership back in 2017.