Square, the mobile payments firm run by Jack Dorsey, Twitter’s co-founder, has acquired a majority stake in Jay-Z’s Tidal audio and video music streaming service in a $297m deal. “Why would a music streaming company and a financial services company join forces? While Tidal has carved out its niche, offering more than 70m songs and 250,000 high-quality videos, the global market is dominated by Spotify, Apple Music and Amazon Music. Last month, Spotify announced its own high-resolution streaming option, which will compete against Tidal. In 2017, Jay-Z removed most of his music from Spotify, but restored it in 2019 for his 50th birthday.

Source: The Guardian March 04, 2021 17:48 UTC