Jay-Z has finalised his sale of TIDAL to Twitter co-founder Jack Dorsey, and it’s quite a lucrative deal for the Brooklyn MC. It was reported in March that Dorsey was purchasing the streaming site for $297 million USD ($382 million AUD), but now TMZ’s most recent report has it at $250 million ($451 million AUD), which either way, is probably pocket change for the Twitter CEO.
Dorsey, who is also the CEO of Square, has now aquired a majority stake in the service in an effort to expand his mobile payment company’s tools to emerging and established artists. Now, TIDAL will operate independently within square.
Explaining the move, Dorsey took to Twitter (of course), saying “It comes down to a simple idea: finding new ways for artists to support their work.
“New ideas are found at the intersections, and we believe there’s a compelling one between music and the economy. Making the economy work for artists is similar to what Square has done for sellers.”
Thus, Square will take 80 per cent ownership of TIDAL while the existing shareholders like Madonna, Daft Punk and Rihanna will remain co-owners. Its also expected that Hov will be sticking around as well, reporttedly joining Square’s Board of Directors while Roc Nation CEO Desiree Perez will stay on to help run TIDAL, which will operate independently within Square.
A pretty momentous day for Hov. Get a bit nostalgic with us and rewatch the official launch ceremony for the streaming service in 2015 below.