This news comes as TIDAL publish a new advert, claiming the streaming service pays out 4 times more than its competition. 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. TIDAL’s previous parent company Project Panther Bidco’s latest financial filing reveal the streaming platform generated $166.9 million in 2019, up 26.4% YoY, which represents an operating loss in 2019 of $55.3 million. According to TMZ, following the acquisition, Jay-Z and Roc Nation CEO Desiree Perez will stay on the TIDAL board. Cole, Jack White, Jason Aldean, Kanye West, Lil Wayne, Madonna, Nicki Minaj, Rihanna, T.I. The remaining 20% stake will be held by the existing artist co-owners, including: Alicia Keys, Arcade Fire’s Win Butler and Regine Chassagne, Beyoncé, Calvin Harris, Coldplay’s Chris Martin, Daft Punk, Damian Marley, deadmau5, Indochine, J. However this most recent valuation at roughly $377.5 million, is around half the $600 million enterprise valuation achieved in 2017, when Sprint acquired a 33% minority stake for $200 million. More than 5 times the $56.2 million Jay-Z paid for TIDAL (then WiMP) in 2015. The 80% sale was finalized last week for $302 million. This news and another deal for rapper Shawn ‘Jay-Z’ Carter, saw his net worth jump by 40% up to around $1.4 billion. Image Credit: Jay-Z Square’s majority stake along with the artist co-owners’ 20% stake, value the music streaming service at around $377.5 million.ĭigital payments company Square’s CEO Jack Dorsey and TIDAL owner Jay-Z confirmed the deal worth $297 million in March earlier this year.
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