In considerably sudden information, Tidal has a brand new proprietor. Jack Dorsey, co-founder of Twitter, and founder and CEO of Sq., has introduced that Sq. has acquired a majority stake in Tidal.
Saying the information on Twitter, the place else, Dorsey stated, “It comes right down to a easy concept: discovering new methods for artists to help their work. New concepts are discovered on the intersections, and we imagine there’s a compelling one between music and the financial system. Making the financial system work for artists is much like what Sq. has finished for sellers.”
A picture shared with the put up saying the information reveals Jay-Z, Tidal’s present proprietor, and Dorsey plotting round a chart that has “Artists” overtly circled within the centre. Hopefully the great intentions will translate into excellent news for all of us who wish to see musicians and bands rewarded absolutely by streaming music providers.
Whereas promising Tidal would stay “the very best residence for music, musicians, and tradition”, Dorsey stated the partnership would see Sq. ship extra superior instruments for artists, together with “new listening experiences to convey followers nearer collectively, easy integrations for merch gross sales, trendy collaboration instruments, and new complementary income streams”.
Sq. pays $297 million in a mixture of money and inventory to change into Tidal’s “important majority” proprietor, although Jay-Z and Tidal’s different present artist-shareholders will retain some possession within the firm. Tidal will function independently inside Sq. and Jay-Z will be part of Sq.’s board of administrators.
Jay-Z acquired Tidal for $56 million in 2015 and introduced plans to show it into the primary artist-owned streaming service, following a star-studded launch that includes Madonna, Daft Punk, Kanye West and extra.
Tidal gives hi-res audio streams from MQA, alongside lossless and customary audio tiers, placing it one step forward of Apple Music and Spotify in sound high quality phrases, even because the information of the upcoming Spotify HiFi launch.