But it’s also been reportedly accused of not paying artists their royalties. Tidal has touted itself as a musician-friendly streaming service, promising artists better royalties than its rivals regardless of whether they’re signed to a label.
SOURCE SQUARE TIDAL JAYZ 56M LICENSE
When someone posts a video or a song to Twitter, the artists has to ask for the material to be taken down because, unlike Facebook and other social media companies, Twitter won’t agree to license the content. This is Dorsey just further expanding their mode, potentially into music streaming.”ĭorsey also hopes to bring a wider range of products and services under Square’s roof in a setup similar to Disney, where he sat on the board for more than four years, Bloomberg reported.īut a second media exec said it’s “incredibly ironic” that Dorsey would own a music service given that Twitter has been bad about paying artists royalties. “The company has really become an e-finance gargantuan over the last few years. “Square already had customer trust, and there’s a cross-sale opportunity when you look at streaming,” Ives told The Post. Tidal could nevertheless give Square an opportunity to both broaden its business model and capitalize on its loyal customer base, according to Wedbush Securities analyst Daniel Ives. The privately traded company doesn’t release its subscriber numbers, but reports put them between 1 million and 5 million, well below industry leader Spotify’s 286 million global subscriber base. “If they did a deal, it would only be because of him and Tidal’s videos.”ĭragging Tidal down, according to the exec, are its sagging subscribers and lack of strong leadership thanks to four CEO departures in the last five years, including the recent exit of Richard Sanders, who joined from Kobalt Music Group.
“Tidal isn’t worth anything without Jay-Z,” the source said.
“Jay-Z has been trying to dump it for a long time,” the exec told The Post. Instead of selling it outright, he got a partner in wireless carrier Sprint, bought a 33 percent stake at a $600 million valuation. The “Empire State of Mind” artist started shopping Tidal two years after he bought it for $56 million in 2015, thinking he could get $1 billion for it, the exec said. The talks with Dorsey appear to be the latest episode in Jay-Z’s lengthy quest to sell Tidal, which has struggled to compete with larger rivals Spotify and Apple Music, according to a music executive familiar with Tidal’s business. The tech tycoon and the music mogul were seen again last month hanging out on a beach with actor Sean Penn. It’s unclear how much the Cash App parent might be willing to pay for Tidal, and the discussions may not lead to a deal, according to the outlet.īut the report comes after the business duo were spotted in August lounging on a yacht in the Hamptons with Jay-Z’s wife Beyoncé. Tech billionaire Jack Dorsey has reportedly held talks with Jay-Z about his payments firm Square acquiring Tidal, the Brooklyn-born rapper’s music streaming service.ĭorsey - also the co-founder and CEO of Twitter - is interested in taking over Tidal in an effort to diversify Square’s business, Bloomberg News reported Wednesday, citing an unnamed source familiar with the situation. So this is what that Hamptons yacht ride was all about. Jack Dorsey’s exclusive Bluesky social network angles to compete with Twitter Twitter co-founder Jack Dorsey endorses Robert F. VR headsets will have people ‘drinking their food out of straws’: Jack Dorsey Jack Dorsey swipes at Mark Zuckerberg over ‘Threads’ follow request: ‘Too soon’
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