Square Buys Jay-Z’s Streaming Service Tidal For $297 Million

One of the world’s most wealthy rappers and businessmen just added more to his mountain of fortune. It has been reported that the financial technology company Square has bought Jay-Z’s streaming service, Tidal, for a whopping $297 million.

When it comes to being not only a successful artist but a billionaire, Jay-Z is easily ranked right up at the top. As reported by SF Gate, the 51-year-old reached an agreement on March 4th with Square Inc. to acquire majority ownership of Tidal, the streaming service that is partly owned by the retired rapper. Square will pay a staggering $297 million in cash and stock for Tidal which in turn will allow Jay-Z to be on the company’s board of directors. Also, he and the other artists who own shares in the streaming brand will remain stakeholders.

A post shared by Square (@square)

Tidal was bought from Jay-Z in 2015 for $56 million with partnerships from other artists, which include Beyoncé and Rihanna. The streaming service gives members access to music, music videos, and other content. Square Inc. CEO Jack Dorsey, who is also the co-founder of Twitter, is excited for the opportunity to further the expansion of Tidal. “It comes down to one simple idea: finding new ways for artists to support their work,” Dorsey stated in his interview upon announcing the deal.

In 2017, Jay-Z sold 33 percent of the company to Sprint at an undisclosed amount, as reported by the New York Times. It has also been reported that earlier this week, the Brooklyn native bought back the shares from T-Mobile which will most likely be sold to Square as apart of the deal.

RELATED: Jay-Z Adds Champagne To His Million-Dollar Businesses With New Partnership

Square is a popular service that allows users to buy, sell, and send money using any Apple or Android device. The big mantra of the company is helping every size of any business succeed. Square was started as a way to give aspiring business owners an easier way to take credit cards. From there, the company has grown into a billion-dollar industry; now with the collaboration of Tidal, Square is only going to do better, and bigger, things.

A post shared by JAY-Z (@jayzz_official)

Shawn Carter really is killing it lately in the business world and simply adding more fortunes to his success. Recently, TheRichest reported that Jay-Z added alcohol mogul to his laundry list of workings, pairing with the world leader in luxury wines and spirits Moët Hennessy. The well-known luxury good company took a 50 percent stake in Carter’s champagne brand, Armand de Brignac, dubbed Ace of Spades for its vibrant metallic bottles.

As for Jay-Z and his newest partnership with Tidal– he is pretty excited for the future. “[The] partnership will be a game-changer for many. I look forward to all this new chapter has to offer!” He revealed in his statement.

With so much going on for Jay-Z, we sit back and wonder, what next for the successful entrepreneur?

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Sources: SF Gate,  New York Times

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