We see millions of entrepreneurs, artists, musicians in the world who are underserved. “That could be more about creating new markets like Square did in the early days, we were serving customers that were largely underserved and created a market. “We’re especially interested in creating new adjacent opportunities in service of the whole artist experience and their experience with their fans in addition to the streaming service,” Dorogusker said. In an interview with Billboard after the acquisition was announced last month, Dorogusker said that while the core streaming service would remain an important part of Tidal, Square wants to expand Tidal to fully serve artists across the board. He previously lead the development of the ubiquitous Square Reader and lead the team that launched Apple’s lightning connector during his time at the tech company. Square will soon begin its search for a permanent head of Tidal, but Dorogusker should provide a stable hand to lead the streaming service forward. Square is very interested in the burgeoning cryptocurrency market, with nearly $250 million of its total assets now in bitcoin.Square Is Acquiring a Majority Stake in Tidal for $297M The publication also notes that earlier this week, Jay-Z bought back. Let’s talk NFTs - There’s one more detail that makes this acquisition particularly juicy in a future-looking sense. The New York Times reports that Square will acquire a significant majority of Tidal for 297 million in stock and cash. While the full details of Spotify’s lossless-quality streaming are still unknown, it’s undoubtedly a huge blow to Tidal considering Spotify's existing users will likely be able to upgrade to the new service at the tap of a button, and it'll make encouraging users to switch to Tidal even more challenging. Here’s the thing though: Spotify is getting ready to offer its own higher bitrate service this year. Tidal’s "HiFi" tier streams at lossless CD quality - a far cry from Spotify’s 320kbps max rate. Tidal’s one claim to fame has been its super-high-quality audio files. Spotify’s free options and general momentum have long kept its spot as the number one music streaming service in the world. It’s a noble cause that’s often proven not-so-profitable for Tidal, which has struggled to find a solid footing. And with Jay-Z very much still part of the company, Tidal could manage to keep its personality in the process, too.Ĭoming for Spotify, maybe - From the very start, Tidal has been about two things: supporting artists and providing high-quality streaming for listeners. Square’s acquisition might just be the best way for Tidal to survive in a market increasingly dominated by Spotify. Could we see Tidal help artists turn tracks or albums into collectible NFTs (Non-Fungible Tokens)? And then there's Dorsey's love of all things blockchain. For starters, Square integration could make it easier for artists to sell merchandise directly to consumers. We can see some obvious ways this might work. He says Square understands this as an opportunity to help musicians find better ways to support their work. This partnership will be a game-changer for many.”ĭorsey shared a similar sentiment on Square’s website. “This shared vision makes me even more excited to join the Square board. “Jack is one of the greatest minds of our times, and our many discussions about TIDAL’s endless possibilities have made me even more inspired about its future,” Jay-Z says in the statement.
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