Twitter CEO Jack Dorsey bought the majority share of Jay-Z’s TIDAL

Jack Dorsey invested $297m into the streaming platform that rivals others such as Spotify.

In a potential music industry shakeup, Twitter CEO Jack Dorsey has purchased the majority share in streaming platform TIDAL via his financial services company Square Inc.

TIDAL is a streaming platform that rivals the likes of Spotify, and is famed for being owned by the influential rap star Jay-Z.

Jay-Z heads up a conglomerate of artists that also includes Beyoncé and Rihanna, and in 2015 they made their investment into TIDAL. That conglomerate of artists is apparently now the second largest group of shareholders.

Jack Dorsey tweeted: “Given what Square has been able to do for sellers of all sizes and individuals through Cash App, we believe we can now work for artists to see the same success for them, and us.”

In another tweet, he went on to say: “TIDAL started with the idea of honouring artists by being artist-owned and led, focused on an uncompromised experience of the art. It’s refreshing and right. The vision only grows stronger as it’s matched with more powerful tools for artists, inclusive of new ways of getting paid.”

It’s confirmed that streaming will continue to be a part of TIDAL, but there are plans to launch new features. It appears that there will still be a focus on artists rights and independence, while also trying to find innovative ways to connect with fans.

Jay-Z gave the following comment about the purchase: “Artists deserve better tools to assist them in their creative journey. Jack and I have had many discussions about Tidal’s endless possibilities that have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board. This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”

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