UPDATED: Friday, March 5, 2021 | 8:03 PM PST.
Finding new ways for artists to support their work...New ideas are found at the intersections, and we believe there’s a compelling one between music and the economy.
Making the economy work for artists is similar to what Square has done for sellers.CEO of Twitter & Square, Jack Dorsey is paying $297 million in cash and stock for a “significant majority” of Tidal. As part of the deal, the Brooklyn rapper, Jay Z will retain his stake in music streaming service Tidal and join Squares board of directors as part of the deal.
The details of the partnership are very vague but Square hardware lead Jesse Dorogusker tells The Hollywood Reporter,
"We see a real connection to considering artists as entrepreneurs, as CEOs of their own business life, not just the biggest musicians in the world"
Dorogusker will serve as the interim lead of Tidal after the deal closes, tells The Hollywood Reporter. Jay Z's mission has always been to support artists throughout their careers. Jay Z is known for becoming a leader in artist independence and ownership for years. Jay Z's partnership with Dorsey can lead to a new world were artist and consumer relationship gets even closer. Given what Square has been able to do for sellers of all sizes and individuals through Cash App, artists can start to see the same success for them, and consumers.
In a thread of tweets, Jack Dorsey explained what the partnership can be,
"Finding new ways for artists to support their work. New ideas are found at the intersections, and we believe there’s a compelling one between music and the economy. Making the economy work for artists is similar to what Square has done for sellers".
Dorsey also added that Square created ecosystems of tools for sellers & individuals, and the company will start doing the same for artists. Square and Tidal plan on creating entirely new listening experiences to bring fans closer together, simple integrations for merchandise sales, modern collaboration tools, and new complementary revenue streams.