![]() “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,” Jay-Z said in a statement to Billboard. The idea for this joint venture is to regain trust with artists and support them in a way that allows them to benefit from their own work and expand their opportunities. ![]() The sale is now considered a coup for Jay-Z, who restarted the company back in 2015 after buying Tidal’s Swedish parent company Aspiro for $56 million. The streaming service also landed in some legal trouble over claims of false advertising around exclusive releases to a $3 million dispute between itself and then artist shareholder Kanye West. I look forward to all this new chapter has to offer!Īccording to Billboard, Tidal - which launched six years ago - got off to a rocky start when a handful of the world’s richest artists came forward and said they were being underpaid for their music. Jay-Z bought Tidal for roughly $56 million in 2015 from Norwegian entrepreneurs.This partnership will be a game-changer for many. It added that Jay-Z, whose real name is Shawn Carter, would join its board. Tidal will operate independently and existing artist shareholders will maintain ownership, Square said. Square did not disclose the percentage of its ownership via the cash and stock deal. “When you think purely about breaking into the market, if somebody with the brand name of Jay-Z and Beyonce don’t manage to break the stranglehold of the well-established streaming platforms then who else can,” Bennett said. It has sought to distinguish itself from Spotify and other rivals by committing to providing higher sound quality to listeners and a greater share of revenue to artists. Tidal calls itself an artist-owned service backed by Kanye West, Beyoncé, Madonna, Rihanna and Nicki Minaj among others, and is available in more than 56 countries. Martha Bennett, an analyst at the consulting firm Forrester, said companies and artists already trying to sell music directly to fans through blockchain-based systems have had limited success. While companies still could develop related businesses, consumers would have more control over what they view and own online, Dorsey said at a conference last year. The provenance of autographs and memorabilia could be tracked by associated NFT, Litan said, potentially making them even more valuable and significant to artists’ fans.ĭorsey has supported so-called decentralization technologies such as blockchain because they enable people to store data and process transactions without relying on big tech companies and other service providers that profit off being a gatekeeper. ![]() “No one’s going to just go get a cryptocurrency wallet if there’s nothing to buy.”Īmong the obscure blockchain systems that Square and Tidal could help popularize are digital files known as non-fungible tokens (NFT) that serve as digital signatures to certify who owns photos, videos and other online media. “You need the applications to drive the new economy,” Litan said. Such new offerings could take advantage of emerging technologies such as blockchain and cryptocurrencies that Dorsey views highly, said Avivah Litan, a technology analyst at consulting company Gartner. Square and Tidal would work on new listening experiences “to bring fans closer together,” simple integrations for merchandise sales and financial tools for artists, he added in a Twitter post. ![]() Square Chief Executive Jack Dorsey, who also runs Twitter Inc, said in a statement that the tie-up “comes down to one simple idea: finding new ways for artists to support their work.” Payments firm Square Inc agreed on Thursday to buy a majority stake in rapper Jay-Z’s Tidal music streaming service for $297 million in a deal that could popularize blockchain or other new approaches to storing and buying online media. The Tidal app is seen on a mobile phone in this illustration photo.
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