![]() And in conversation it just became so apparent that there were so many parallels in spirit because of what a musician and a small business is going through. I’d tell you stories about our work around helping small businesses - most of the financial industry is working against them. So our conversations just naturally aligned.”ĭorsey added, “We started talking a year ago now and saw so many parallels. You create a business, take out a small loan, get the things you need to help you be successful and build it out from there. And the things that Square and Cash App were doing is pretty much aligned with what one does with their own brand. Jay replied, “I think we were aligned in our conversation, and viewing artists and creatives as small businesses and treating each individual artist as a business. The pair were joined by a couple of up-and-coming musicians who had appeared in Tidal-curated “Best of” lists: a songwriter from Detroit named Olivia Dear, and one from Brooklyn who calls himself 26ar.Īfter Jay spoke about his motivation in forming Tidal - “This union came from Charlie Chaplin and others creating United Artists, and I pretty much got the inspiration from what they were doing to create this type of coalition,” as he’s said before - Dorsey asked, “Why did our partnership make sense? Why join forces with a payments and financial company?” On Monday (June 28), Jay-Z and Dorsey held a half-hour conference on Twitter Spaces that was big on enthusiasm but very short on details, basically reiterating and vaguely elaborating on the initial comments. It says plans to bring new systems and tools to help artists find new ways to support their work and find “financial freedom.” Most recently, he sold half of his Ace of Spades champagne line to LVMH Moët Hennessy Louis Vuitton, also known as LVMH.In its initial comments on the acquisition, Square said it sees an opportunity in enabling direct-to-fan business models and will extend its “purpose of economic empowerment” to musicians - a new category for the payments company. Jay has been making major boss moves as of late. Then, in 2017, Sprint bought a 33 percent stake in the streaming service. In 2016, there were conversations about Apple buying TIDAL, which never materialized. Jay-Z launched TIDAL back in 2015, after winning a $56 million bid from Swedish streaming company Aspiro. ![]() I look forward to all this new chapter has to offer!" This partnership will be a game-changer for many. ![]() This shared vision makes me even more excited to join the Square board. He added, "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. "Artists deserve better tools to assist them in their creative journey." ![]() "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," he wrote. On March 4, Jay-Z tweeted about the agreement. Meanwhile, Jigga will sit on the board of directors for the payment tech company. Prior reports noted that the deal would consist of Square Inc. Jay-Z and Roc Nation CEO, Desiree Perez, who played a role in making the deal happen, will assist in running TIDAL. Additionally, the tech company will acquire licensing deals with major record labels while artists and owners will stay with TIDAL. As for the details of the recent exchange, Square will receive 80 percent ownership of TIDAL. ![]()
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