The music service tidal of rapstar jay-z gets a new owner: the payment company square of the twitter boss jack dorsey takes over the majority for 297 million dollars. Jay-z is intended to move into the board of directors of square as part of the deal, as the payment service announced on thursday.
Earn money with music
Dorsey had founded square a break at twitter and is at the top of both companies. He himself threw the obvious question in a series of tweets how a streaming service and a financial service provider matches. His answer: it goes to new ways, how musicians could earn money with their work.
Square created new opportunities for small handlers with his smartphone and tablet cash register – and the experience can also be in the music industry, argued dorsey. "We will work on very new horizlings to bring together the fans". It also deals with a simple integration of the sale of fanarticles, modern tools for cooperation and additional erosion trreams. The square share lost about four percent after the envision.
Tidal was launched by a norwegian company in 2014, the year thereafter, jay-z and several other stars to create streaming providers with the idea of creating a music service that belongs to the artists themselves. Tidal was a pioneer at streaming music in better quality quality high subscription price. Overall, however, the service remained a niche offer far behind the two large providers spotify and apple music.
Artists stay involved in tidal
The other artists involved in tidal should retain their shares, threw it. Square pays the amount of around 247 million euros in a mix of cash and shares.
Dorsey and jay-z started together in february a bitcoin fund, which is to finance projects with cryptography, first with a focus on developer teams in africa and india. Last summer, they were photographed at a jaill trip near new york, which was already possible for speculation about a potential cooperation.