The parties expect to close the transaction in the second quarter of 2021. The completion of this transaction is subject to customary closing conditions including regulatory approvals. In addition to JAY-Z, all of TIDAL’s artist shareholders will continue to be co-owners of TIDAL after the deal closes.īased on current information, Square does not expect TIDAL’s financial results to have a material impact on Square’s consolidated revenue or gross profit in 2021. Over the years, Carter has remained relentlessly committed to giving back to underserved communities, including through his work with the Shawn Carter Foundation and The REFORM Alliance. A distinguished and acclaimed artist, businessman, and philanthropist, Carter founded preeminent entertainment company Roc Nation and sports agency Roc Nation Sports, launched and owns the successful “Made In America” festival, and executive-produced award-winning documentaries, among other achievements. TIDAL board member and shareholder Shawn “JAY-Z” Carter is expected to join Square’s Board of Directors subject to the closing of the transaction. Together, TIDAL and Square will be music-obsessed and artist-focused while we explore new artist tools, listener experiences, and access to financial systems that help artists be successful.” “Square has also set a high standard for building elegant, accessible, and fair tools for sellers and individuals to economically empower them. “TIDAL sets a high standard for supporting artists, capturing music culture, and delivering the best audio quality to fans,” said Jesse Dorogusker, a Square executive who will serve as interim lead of TIDAL upon the closing of the transaction. TIDAL has a global presence with listeners in more than 56 countries and relationships with more than 100 labels and distributors. TIDAL puts the fan experience at the center of every decision, providing artists direct access to their audience and allowing fans deeper connections to their favorite artists through original, exclusive, and curated content and events. TIDAL offers the premier listening experience, with superior sound quality and an extensive catalog of more than 70 million songs and 250,000 high-quality videos. TIDAL is the only music service built by artists, for artists-which is now more important than ever as consumers look for authentic digital connections with their favorite artists. I look forward to all this new chapter has to offer!”
This partnership will be a game-changer for many. This shared vision makes me even more excited to join the Square board. Jack and I have had many discussions about TIDAL’s endless possibilities that have made me even more inspired about its future. “Artists deserve better tools to assist them in their creative journey. "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,” said Shawn “JAY-Z” Carter. 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.” “New ideas are found at intersections, and we believe there’s a compelling one between music and the economy. “It comes down to one simple idea: finding new ways for artists to support their work,” said Jack Dorsey, cofounder and CEO of Square. Square sees an opportunity to leverage those learnings to help musicians find new ways to support their work and make better decisions through TIDAL. With Cash App, Square has made financial services more relatable and accessible to millions of customers, many of whom have been historically overlooked and underserved. Square has helped millions of businesses start, run, and grow by providing them with tools needed for success. Artists are entrepreneurs with a dream and deserve access to systems, tools, and financial freedom to reach those dreams at every stage in their career. The acquisition extends Square’s purpose of economic empowerment to a new vertical: musicians. TIDAL will operate independently within Square, alongside the Seller and Cash App ecosystems. Square expects to pay a mix of cash and stock of $297 million for a significant majority ownership stake, and existing artist shareholders will be the remaining stakeholders.
(NYSE: SQ) announced today that it has entered into a definitive agreement to acquire a majority ownership stake in TIDAL, the global music and entertainment platform that brings fans and artists together through unique music, content, and experiences. SAN FRANCISCO-( BUSINESS WIRE)-Square, Inc.
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