The Tidal app.
Photographer: Andrew Harrer / Bloomberg
Photographer: Andrew Harrer / Bloomberg
Square Inc., the digital payment company run by Jack Dorsey, has held talks to acquire the Tidal music streaming service as part of an effort to diversify, according to someone familiar with the situation.
Dorsey has considered a possible deal with Jay-Z, the rapper and music mogul who acquired Tidal for $ 56 million in early 2015, the person said, who asked not to be identified by that the conversations were private. The negotiations may not result in trade.
Photographer: Cole Burston / Bloomberg
Square declined to comment, though Tidal did not respond to requests for comment.
Tidal, first launched in 2014, has struggled to keep up with other streaming services, including Spotify Technology SA and Apple Music. Jay-Z’s own music has been a deception for the stage, but he he posted his songs back on Spotify last year – raising questions about Tidal’s health. The service has not closely accounted for membership figures since it said it had 3 million customers in 2016.
At the same time, Dorsey Square aims to build into a much broader company made up of individual, supportive services. Square’s two main products, Square Retailer and Cash App, already operate to a certain extent within Square Inc., each with its own “lead” on the executive team. Dorsey is believed to have spent more than four years aboard the Walt Disney Co., thinks Square will have a collection of businesses under one corporate umbrella.
Photographer: Alberto E. Rodriguez / Getty Images
Dorsey was August photo in the Hamptons with Jay-Z and his wife, Beyoncé, and then again in December with the power couple and actor Sean Penn on a beach in Hawaii.
Tidal’s owners include nearly two dozen high-profile artists, including Beyoncé, Alicia Keys, Coldplay, Madonna, Rihanna and others, according to her website. The service is available in 53 countries and offers over 60 million songs and 250,000 videos.
The service has tried to use its star power to offer experiences that enhance its music. That includes a Rihanna runway show in Paris that was broadcast for Tidal members, as well as charity shows with Jay-Z and Beyoncé.
– Supported by Scott Moritz