![]() Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account “We’ll work on entirely new listening experiences to bring fans closer together, simple integrations for merch sales, modern collaboration tools, and new complementary revenue streams.” “Square created ecosystems of tools for sellers & individuals, and we’ll do the same for artists,” Dorsey said. But the service never seemed to catch on in the same way. The move came as an alternative to other streaming services, such as Spotify, following arguments over artist compensation. Tidal was launched in 2014 and purchased a year later by a consortium of artists, including Jay-Z, for $56 million. ![]() He'll now help lead our entire company, including Seller and the Cash App, as soon as the deal closes. I knew TIDAL was something special as soon as I experienced it, and I’m inspired to work with him. I’m grateful for Jay’s vision, wisdom, and leadership. Shares of Square were down nearly 7% in early trading Thursday following the announcement. Investors appeared less certain of the benefits. Moshe Katri, an analyst at Wedbush, said the deal is part of Square’s “ongoing strategy of building eco-systems around merchants/sellers and consumers.” In buying Tidal, Katri said Square can expand its user base to include artists, musicians and fans. “We’re going to start small and focus on the most critical needs of artists and growing their fanbases.” “Given what Square has been able to do for sellers of all sizes and individuals through Cash App, we believe we can now work for artists to see the same success for them, and us,” he added. Dorsey addressed the issue in a series of tweets on Thursday, “Why would a music streaming company and a financial services company join forces?!” The answer, he said, “comes down to a simple idea: finding new ways for artists to support their work.” Nonetheless, it’s a puzzling deal for a company known for its financial products. In a statement Thursday, Jay-Z said: “Jack and I have had many discussions about Tidal’s endless possibilities that have made me even more inspired about its future.” The pair recently partnered on a bitcoin development fund and have been photographed together on vacation. The company has gone from offering mobile payments to providing a full suite of tools for small businesses, including an in-house bank launched earlier this week to provide business loans and deposit products to sellers who use its card reader and other point-of-sale services.īeyond that, it builds on the relationship between Dorsey and Jay-Z. It also further expands Square’s portfolio of services. The long-rumored deal offers an exit for Tidal, which has struggled to compete with larger rivals like Spotify. ![]() As part of the deal, Jay-Z will join Square’s board. In a press release, Square said it expects to pay $297 million in cash and stock for the stake. (SQ), the payments company founded and run by Twitter CEO Jack Dorsey, announced Thursday it has agreed to acquire a majority stake in Jay-Z’s Tidal platform. Jay-Z has 99 problems but figuring out a buyer for his struggling music streaming service is no longer one. ![]()
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