Square, the digital payments giant headed by Twitter CEO and founder Jack Dorsey, has announced the acquisition of a majority stake in TIDAL. TIDAL is an artist-led global music and entertainment platform that brings artists and fans closer together through unique original content and exclusive events.
Square has agreed to pay $297 million for a “significant majority ownership stake,” and the artists who are currently shareholders will represent the remaining stake. TIDAL will operate as an independent subsidiary of Square following the closure of the deal.
In a statement, Square said it is attempting to extend its “purpose of economic empowerment to a new vertical: musicians.” Despite these lofty goals and Square’s history of innovation, neither Jay-Z nor Dorsey provided specifics on how they expect to realize this mission.
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