Mash ups and new ideas can mean big business: Square buys Jay-Z's music streaming app

What's a financial services company (Square) got to do with a music streaming app (Tidal)? Plenty. “New ideas are found at intersections, and we believe there’s a compelling one between music and the economy,” said Twitter's Jack Dorsey, on the 4th of March 2021, as Square buys Tidal for $297 million.

“Making the economy work for artists is similar to what Square has done for sellers,” Jack tweeted. “Square created ecosystems of tools for sellers and individuals, and we’ll do the same for artists.” Square's products include POS machines and debit cards to support small businesses.

Jay-Z's Tidal reportedly suffered major losses between 2019 and 2020. "Artists deserve better tools to assist them in their creative journey", said Jay-Z who will also be joining the Square board. "Jack and I have had many discussions about Tidal's endless possibilities that have made me even more inspired about its future", he said.

This move comes as an innovative solution to buffer the impact of the Covid-19 crisis on artistes and the entertainment industry at large.

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