Bloomberg has reported that Square, Inc. has reportedly discussed acquiring Shawn “Jay-Z” Carter’s streaming service, TIDAL. Sources close to the discussion suggest that the acquisition would reflect the company’s efforts to diversify.
Founded in 2009, Square, Inc. is widely known as a popular mobile payment service used by merchants across the country. The company is now led by Twitter CEO Jack Dorsey and billionaire Jim McKelvey.
As for TIDAL, Carter acquired the streaming service for $56 million in 2015. Since then, he has rebranded it as a high-quality streaming service. Over the years, the streaming service has positioned itself as being artist-friendly and offering higher payments than its competitors.
Thus far, discussions are simply being described as preliminary. Square, Inc. nore TIDAL have issued a statement regarding the matter.