Square Inc, a financial technology company in San Francisco has announced its agreement to acquire ownership of Jay Z music streaming service Tidal.
According to the founder of Square Inc and co-founder and chief executive of Twitter, Jack Dorsey said, Tidal will operate as a distinct entity alongside the point of sale hardware and software payments company.
He said, Tidal has presented itself as the artists friendly alternative to other music streaming services, adding that the agreement with Square will take that phenomenon further for musicians just as it has for businesses with it’s financial systems.
Under the deal, Square Inc will pay a whopping sum of $297 million in cash and stock for the music streaming platform (Tidal).
The deal also offers Jay-Z to be among the board of directors as well as other artists who currently own shares in Tidal as shareholders.
While announcing the deal, Jack Dorsey said, it’s core purpose comes down to one simple ideas which is finding a new ways for artists to support their work.
However Jay-Z in a statement reveals how the partnership will be a game-changer for many, adding that he is looking forward to all new chapters the agreement has to offer.
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