# Square, Inc. Buys Controlling Stake in Tidal
## Jack Dorsey is interested in Jay-Z’s streaming service.
Back in 2014, musicians like Jay-Z, Coldplay, Rihanna, Daft Punk, and Madonna joined together to create the audio-video streaming service Tidal. The purpose of Tidal was to offer high-quality sound and exclusive content directly from artists as an alternative to other major streaming platforms. Unfortunately, over the years, Tidal has struggled to attract exclusive content and grow its subscriber base. As of last year, it was reported that Tidal had fallen behind on some payments.
Square, Inc., a company founded and owned by Twitter CEO Jack Dorsey, has made a significant move by acquiring a majority ownership stake in Tidal for $297 million. Despite the acquisition, Tidal will continue to operate independently under the ownership of Square. Dorsey mentioned on Twitter that the acquisition aims to explore innovative ways for artists to monetize their work.
Jack Dorsey tweeted, “Given what Square has been able to do for sellers of all sizes and individuals through Cash App, we believe we can now work for artists to see the same success for them, and us.” He further added that Square aims to develop new listening experiences for fans, simplify merchandise sales for artists, introduce modern collaboration tools, and create additional revenue streams to support artists.
As a part of the deal, Jay-Z will be joining Square’s board of directors. Jay-Z expressed his enthusiasm for this new partnership by stating, “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!”
Stay tuned for more updates from Square and Tidal. Meanwhile, Jack Dorsey shared a playlist celebrating artists and the entrepreneurial spirit.
