Shawn “Jay-Z” Carter has made a major move. Carter has sold a majority stake in Tidal to Square, Inc. and Jack Dorsey for $297 million. Through this deal, Carter will join the board of Square, Inc. For other artists, not much will change. A number of artists will continue to own minority stakes in the streaming service.
“Square is acquiring a majority ownership stake in TIDAL through a new joint venture, with the original artists becoming the second largest group of shareholders, and Jay-Z joining the Square board. Why would a music streaming company and a financial services company join forces,” Dorsey tweeted.
“It comes down to a simple idea: finding new ways for artists to support their work. New ideas are found at the intersections, and we believe there’s a compelling one between music and the economy. Making the economy work for artists is similar to what Square has done for sellers.”
I’m grateful for Jay’s vision, wisdom, and leadership. I knew TIDAL was something special as soon as I experienced it, and I’m inspired to work with him. He'll now help lead our entire company, including Seller and the Cash App, as soon as the deal closes. https://t.co/YRfYjcWJQx pic.twitter.com/xBtq2xfwue
— jack (@jack) March 4, 2021
Joining the Square, Inc. board is the latest business move for Carter. He recently stepped into an executive position with Monogram. Not to mention, he continues to run Roc Nation and develop content like High Tales and an upcoming series chronicling the life of Muhammad Ali.
“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,” Carter said.
“Artists deserve better tools to assist them in their creative journey. Jack and I have had many discussions about Tidal’s endless possibilities that have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board. This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”