Jay Z sells TIDAL for $350 million. After owning the music streaming service for the past 6 years, Jay Z offloads the bulk of it for a sweet profit.
Jay Z Still Making Boss Moves
In 2017, 33% of TIDAL was sold to Sprint, amount undisclosed. Now, Jay sells part of TIDAL to Square, in a sweet deal to his close friend, Twitter CEO, Jack Dorsey. Dorsey and Jay have been hanging out at the Hamptons and on family trips together. Now, we know what they’ve been talking about.
After being in talks with Jay, Dorsey made comments about his plans to take TIDAL off the hands of his pal. The deal closed Friday morning.
If you never jumped on board with TIDAL, it’s the first global music streaming service with high fidelity sound, hi-def video quality, and expertly curated playlists and original content. TIDAL boasts artists interviews and over 70 million songs in its catalog…and all Ad-Free!
Being a rapper was just one of the first steps in Jay’s ladder to success.
Back in 2015, when TIDAL was launched, Jay Z partnered with several A-List celebrities. Not only his wife, Beyonce, but also Rihanna, Madonna, Alicia Keys, Kanye West, Chris Martin, Calvin Harris, and others. Jump ahead to today, and TIDAL is still a pretty nice platform. Hear Jay talk about it –
“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…”
“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!”
Jay Still Believes In The Platform He Started, He’s Not Going Too FaR
Jay, along with CEO Desiree Perez will remain to help run TIDAL. In fact, Square announced plans to name Shawn “Jay Z” Carter to the Board of Directors.
“I knew TIDAL was something special as soon as I experienced it, and it will continue to be the best home for music, musicians, and culture.” – Jack Dorsey
But 80% of the pie will belong to Square. Square’s ownership will include licensing deals with major labels. Artists will remain with the company. After making the purchase for $56 million back then, the superstar rapper counting lots of paper with this newest boss move. Twenty years ago, Jay Z famously stated –
“I’m not a businessman … I’m a business, man!!!”
Now he proves it with every move he makes. Go, Jay!
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