By Amber Neely, Apple Insider | Square, primarily known for creating mobile payment hardware, will pay $297 million in a mix of cash and stock to buy Jay-Z’s music streaming service, Tidal.
According to Jack Dorsey, Square’s CEO, the move was done to help artists support their work, similar to how Square and Cash App gave “small sellers a simple tool to participate more fully in the economy and grow.”
“Square created ecosystems of tools for sellers & individuals, and we’ll do the same for artists,” Dorsey tweeted. “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.”
Jay-Z, who purchased Tidal for $56 million in 2015, will join the Square board of directors. The rapper-turned-business mogul will “help lead [Square’s] entire company, including Seller and the Cash App, as soon as the deal closes.”
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In 2018, Square launched the “Square Terminal,” an all-in-one portable device that accepts all forms of retail payment, including NFC-based payments like Apple Pay.
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[Thanks to COMBO Board Member Jamie Krutz, http://www.jamiekrutz.com, for submitting this article!]