TIDAL has sold a majority stake in its company to Jack Dorsey and Square, paving a new lane for artists in the future.
The past two weeks have been an amazing time to watch JAY-Z and how he’s maneuvering as an entrepreneur. Hov sold a 50% stake in Ace Of Spades to LVHM, which Forbes estimated to be worth over $360 Million, seeing the brand expand globally. Not too long after, MONOGRAM, JAY-Z’s first venture into cannabis, launched a new campaign targeting unfair marijuana laws in the United States. MONOGRAM could prove to be a big factor in changing cannabis laws, which could be one of the biggest achievements on Hov’s list of wins.
According to Billboard, Hov’s next move hits close to home and expands on his promise with TIDAL by giving Square a majority stake to join its mission.
Square will pay $297 million in a mix of cash and stock for a majority stake in the company, allowing the artist stakeholders who initially partnered with Jay-Z and Tidal to keep ownership stakes as well. Jay-Z will join Square’s board of directors, and Square’s hardware lead Jesse Dorogusker will serve as the interim head of Tidal upon the closing of the deal.
Tidal will operate independently within Square, the company says, and the acquisition is expected to close in the second quarter of 2021.
With all the talk of labels just becoming banks for artists, this move will see TIDAL literally have its own bank and be able to provide funding, transparency, and more opportunities than ever. TIDAL’s mission isn’t to win people’s ears, the mission is way bigger than just fighting for listeners.
Hov expressed his excitement about the deal on Twitter on Thursday calling the move a “game-changer.”
“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,” HOV said of his partnership with Dorsey. “This shared vision makes me even more excited to join the Square board.
The “Blueprint” rapper went on to further re-iterate his mission behind TIDAL and why he believes it could be a key tool for artists in the future.
“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.”
This is big news! What do you think about HOV’s latest business endeavor?