Square Inc. (NYSE: SQ) today announced that it has entered into a final agreement to acquire a majority ownership interest in Tidal, a global music and entertainment platform that brings fans and artists together through music and content. And unique experiences. Square expects to pay a mix of cash and stocks worth $ 297 million for the majority shareholding, and the artists’ current shareholders will be the remaining stakeholders. Tidal will operate independently within Square Corporation, along with the Sealer and Cash Up application systems.
This acquisition broadens Square’s goal of economic empowerment into a new field of musicians. Artists are dreaming entrepreneurs who deserve access to the systems, tools, and financial freedom needed to fulfill their dreams at every stage of their careers. Square has helped millions of companies launch, operate, and grow by providing them with the tools necessary to achieve the desired success. Thanks to the Cash Up app, Square makes financial services relevant and available to millions of underserved customers who have long been classified as historically ineligible. Square seizes the opportunity to leverage these lessons to help musicians find new ways to support their business and make better decisions through the Tidal platform.
“It boils down to one simple idea of finding new ways for artists to support their work. New ideas are created at the meeting points, and we think the catchy idea combines music and economics,” said Jack Dorsey, co-founder, and CEO of Square. I realized that Tidal is special once I tested it, and it will remain the best home for music, musicians, and culture. “