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Square buys majority of Jay-Z’s streaming music service Tidal for $297 million

Tech Gist Africa by Tech Gist Africa
03/05/2021
in Business, Innovator of the Week, Investments, News, Streaming
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Jayz Tidal square tech gist africa

Jayz Tidal square tech gist africa

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Square, a financial technology firm, has announced an agreement to pay $297 million for majority ownership of Tidal, a music streaming service partly owned by Jay-Z.

According to Square CEO Jack Dorsey, the partnership “comes down to one basic idea: seeking new avenues for artists to support their work.”

Square and Tidal will collaborate on new listening opportunities “to get fans closer together,” as well as quick product integrations and financial resources for musicians, he said.

Jay-Z, will join the board of directors of Square, according to the statement.

Jay-Z purchased the streaming music service Tidal from Norwegian entrepreneurs for $56 million in 2015.

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