JAY-Z Reportedly in Talks to Sell TIDAL to Square
Written by B87FM on December 24, 2020
JAY-Z could also be making one other energy transfer.
The Roc Nation mogul has reportedly been in talks to promote his music streaming service TIDAL to Jack Dorsey’s digital-payment firm, Sq. Inc.
Based on Bloomberg, JAY-Z has privately met with Dorsey a number of instances throughout the pandemic. The potential deal is a part of a push for Sq. to diversify. Nonetheless, the negotiations might not lead to an precise transaction.
JAY-Z acquired TIDAL from Swedish firm Aspiro in March 2015 for a reported $56 million, however the streaming service has struggled to maintain up with opponents, together with Spotify and Apple Music. TIDAL hasn’t reported subscriber figures since 2016 when it had three million paying clients. TIDAL has benefited previously from its unique album releases together with Beyoncé’s LEMONADE, Kanye West’s The Lifetime of Pablo, and Rihanna’s ANTI.
This isn’t the primary discuss of a TIDAL acquisition. Again in 2016, there have been stories that Apple and Samsung had curiosity in buying the streamer, however each corporations denied the rumors.
Dorsey, who can also be CEO of Twitter, has maintained an in depth friendship with JAY-Z and Beyoncé. They have been photographed within the Hamptons in August after which once more in November in Hawaii with Sean Penn.
In April, Dorsey’s #startsmall partnered with Beyoncé’s BeyGOOD basis to supply $6 million in funding to organizations offering psychological wellness companies throughout the coronavirus disaster.
Together with JAY-Z, TIDAL’s co-owners embrace high-profile artists like Beyoncé, Rihanna, Alicia Keys, and Madonna. The service is offered in 53 international locations and gives greater than 60 million songs and 250,000 movies.