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. Square announced this morning that it has purchased a majority stake in Tidal, the music streaming service founded by Jay-Z. JAY-Z has reportedly closed the deal to sell the majority of his streaming company TIDAL for 350 million to Square Inc. Digital Music News first reported on Jay-Z and Jack Dorsey’s meeting last summer. Cole, Jack White, Jason Aldean, Kanye West, Lil Wayne, Madonna, Nicki Minaj, Rihanna, T.I. Square will pay 297 million in stock and cash for their majority stake in Tidal. Jay-Z will join Square’s board of directors, and Square’s hardware lead Jesse Dorogusker will serve as the interim head of Tidal upon the closing of the deal. 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. Payments firm Square Inc (SQ. Square SQ +0. 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. Jay Z may have 99 Problems but Tidal is no longer one of them thanks to Square’s 297 million acquisition. 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. Tidal does not disclose financials, but a Billboard report says that although the company’s revenue grew 13 in 2019, its losses grew around 52 from 36 million to 55 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. This week we look at Google’s new ad targeting tech, Jay-Z selling Tide to Square, and the rise of non-fungible tokens, widely known as NFTs.
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