Twitter co-founder Jack Dorsey, is scheduled to buy Jay Z's streaming platform, Tidal. In a $297M deal, Dorsey, who is also the CEO of Square, has acquired a majority stake in the service in a bid to expand his mobile payment company's tools to emerging and established artists, and Tidal will now operate independently within Square.
This means, that with the 3 percent equity awarded to all 16 artist owners for bringing exclusive material to the platform, each cash in on an $8.91M bag.
An $8.91M bag. *Randy Watson stomps*
Additional components of the deal are, in very Jay Z-esque fashion, Jigga joining Square's board of directors, which will coincide with the recent fund he and Dorsey launched in February to "make bitcoin the internet's currency."
And in a rare move, Carter took to, of course, Twitter, to publicly address the deal:
I said from the beginning that TIDAL was about more than just streaming music, and six years later, it has remained… https://t.co/EBDI2cu7nM— Mr. Carter (@Mr. Carter)1614863201.0
This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!— Mr. Carter (@Mr. Carter)1614863201.0
And true to society, people hopped on the world wide web to react:
Some broke it down for the public:
Others were excited Jay was tweeting:
But mostly, we all thought, “he’s a business...man!”
Neither of our girls have publicly addressed the sale, but we're sure they have something up their sleeve to celebrate this investment. Rihanna is coming off of a March 1 Savage launch, Nicki is dealing with personal issues while balancing being a new mom, and Beyonce has us all waiting by the mailbox for our Ivy Park boxes.
But personally, of the streaming wars, I've always rocked with Tidal (because it belong(ed) to the black guy), so I'm excited to see the direction it goes from here!
Are you a member of our insiders squad? Join us in the xoTribe Members Community today!
Feature image by Giphy