I really don't get the play here. "there is a lot of overlap between the music industry and Square’s existing market, which includes payments and commerce"??? I mean, couldn't you say that about most industries? Also I can say from the inside that music streaming can't be profitable because of the royalties demanded by the big three record labels. So I don't get why Square wants to get into a losing business or how that will help them.Square Inc. has agreed to buy a majority stake in Tidal, the streaming music service led by rapper Jay-Z, as part of an effort to expand the company’s suite of financial tools to musicians and emerging artists.
Square will pay $297 million in a mix of cash and stock to become Tidal’s “significant majority” owner, though Jay-Z and Tidal’s other existing artist-shareholders will retain some ownership in the company. Tidal will operate independently within Square, according to a company release, and Jay-Z will join Square’s board of directors.
“New ideas are found at intersections, and we believe there’s a compelling one between music and the economy,” Square Chief Executive Officer Jack Dorsey said in a prepared statement. Bloomberg News previously reported that Dorsey and Jay-Z, who are friends, had discussed a potential deal.
It’s not immediately clear how Square will help Tidal build its business, but there is a lot of overlap between the music industry and Square’s existing market, which includes payments and commerce, says Jesse Dorogusker, the Square executive who will serve as interim leader of Tidal inside its new parent company.
Square buying majority stake in Tidal
- Lunkhead
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Square buying majority stake in Tidal
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- ken
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Re: Square buying majority stake in Tidal
I'm struggling to make this connection as well. Maybe something about musicians using Square on their websites and when they sell merch on tour? Maybe there is money to be made when a person buys a track through Tidal? (I don't really know anything about Tidal.) I think your point is well taken that if they just wanted to buy into a company that had a lot of transactions, they could have bought into a grocery store chain and replaced all their cash registers with their platform.
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Re: Square buying majority stake in Tidal
Hmm, I use Tidal because it's a less shitty Spotify that pays artists more, but this... doesn't sound like a great move.
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Re: Square buying majority stake in Tidal
That's not really a lot of money. It could be the equivalent of advertising on a race car. You're part owner of a car (or just a sponsor) getting brand awareness and advertising. In other words, they might be trying to be the "cool kids" of their industry.
Maybe buying the naming rights and exclusive selling rights for a stadium. Like Busch Stadium in St. Louis, for instance. It's more advertising than business.
Maybe buying the naming rights and exclusive selling rights for a stadium. Like Busch Stadium in St. Louis, for instance. It's more advertising than business.
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