Square will pay $297 million in cash and stock, the companies revealed this morning. The music superstar Jay-Z, aka Shawn Carter, will join Square’s board of directors as part of the deal.
The announcement refers to musicians as “a new vertical.”
Tidal has more than 70 million songs and 250,000 videos and is available in 56 countries. Monthly subscriptions are $9.99 and $19.99.
“It comes down to one simple idea: finding new ways for artists to support their work,” Dorsey says in a written statement. “New ideas are found at intersections, and we believe there’s a compelling one between music and the economy. I knew Tidal was something special as soon as I experienced it.”
Square has repeatedly been named a Fast Company Most Innovative Company, most recently in 2019. Jay-Z was on our Most Creative People list in 2010.
“Artists deserve better tools to assist them in their creative journey. Jack and I have had many discussions about Tidal’s endless possibilities that have made me even more inspired about its future,” Jay-Z says.
Dorsey is also the CEO of Twitter.