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Square purchases majority stake in Tidal, pushes out different buyers

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Payment firm Square bought a majority stake in music streaming service Tidal. Square (and Twitter) CEO Jack Dorsey defined in a Twitter thread concerning the buy that the deal is about discovering artists “new ways of getting paid.”

A press launch from Square notes that Square’s buy provides as much as the equal of $297 million USD (about $374.5 million CAD) in money and inventory.

Jay-Z will stay concerned within the streaming service and can be part of Square’s board of administrators with affect over the corporate’s different merchandise. Additionally, the acquisition will minimize out third-party buyers, which implies solely artists will maintain Tidal’s remaining shares. Finally, Tidal will function independently following the deal’s closure, anticipated in Q2 2021.

Dorsey’s tweet thread concerning the acquisition signifies the deal will assist discover “new ways for artists to support their work” and that Square will “start small and focus on the most critical needs of artists and growing their fanbases.”

However, Dorsey hasn’t shared any particulars about how Square will make this occur. That stated, another current modifications within the streaming trade might present clues. SoundCloud lately moved a few of its streaming to a “fan-powered royalties,” which signifies that the service pays artists primarily based on how a lot individuals stream their content material.

Square shopping for Tidal might point out that the streaming service intends to maneuver in an analogous course, however that’s little greater than hypothesis in the mean time.

Source: Square, Jack Dorsey Via: Engadget

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Written by Gideon

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