JAY-Z finalizes sale of Tidal to Jack Dorsey for $302 million
In December, 2020, news first broke that Square Inc. was interested in acquiring music streaming service Tidal. According to a recent report from TMZ, the deal has now been completed for $302 million in exchange for a majority ownership in Tidal. The deal was finalized between previous owner JAY-Z and Square and Twitter CEO Jack Dorsey. Details on who will run Tidal in the long run have not been publicized yet, but longtime Square executive Jesse Dorogusker while manage the company in the interim.
Tidal has two unique selling points over the competition: Tidal offers higher quality audio streaming than any other major service, and the service pays more to artists per stream than other platforms. However, by all accounts Tidal has far less active users than market leader Spotify or runner-up Apple Music. Jack Dorsey has not yet shared any visions for the platform going forward.
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