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Jay-Z's Tidal: From $56M Deal to Square's $297M Buyout
19 Oct
Summary
- Jay-Z acquired Tidal in 2015 for approximately $56 million.
- Square bought a majority stake in Tidal for $297 million in 2021.
- Jay-Z joined Square's board after the acquisition.
In 2015, Jay-Z led a group of artists in acquiring the music streaming service Tidal for approximately $56 million. This move aimed to create a platform that prioritized artists' roles in the music business. Tidal was relaunched with a focus on high-quality audio and exclusive content.
By March 2021, Square, a financial technology company co-founded by Jack Dorsey, agreed to acquire a majority stake in Tidal for $297 million. This deal, completed on April 30, 2021, saw Square purchase an 86.8% ownership interest.
Jay-Z remained involved post-acquisition, joining Square's board of directors. The transaction represented a shift in Tidal's ownership structure, moving from artist-led control to a partnership with a FinTech giant.
