Music streaming has proven to be a wildly lucrative venture. It’s a huge hit for fans, allowing them accessibility to an endless library of top music from all genres, and it is a brilliant way for artists to receive remuneration for their work. Ensuring that all parties are satisfied while also opening up access to millions of songs spanning across generations of music has been one of Jay-Z’s top ventures. According to TMZ, “Jay-Z launched Tidal back in 2015 for $56 million in a partnership with several artists, including Beyonce, Rihanna, Kanye West, Madonna, Alicia Keys, Calvin Harris, Chris Martin and others.” In an unprecedented sale to a very close friend, he has just sold Tidal to Jack Dorsey for a jaw dropping $350 million.
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Celebrities seem to have a knack for growing their fortunes by making smart investments along the way. Those that doubted Jay-Z’s initial dumping of $56 million into Tidal are no longer questioning the mogul’s big move. When Tidal was nothing more than a concept, many believed it to be “just another streaming service” that would mimic the likes of Napster and Spotify.
Jay-Z had different plans in mind. He maintained that his vision was to turn Tidal into an outlet that was “about more than just streaming music,” and that it was intended to support artists and encourage and promote the creation of new sounds.
Now, after having achieved incredible success with his journey with Tidal, Jay-Z has made a whopping $294 million profit from the fruits of his labor, and all of this success comes within a short, 6 year period.
The new owner of Tidal is definitely not a stranger to Jay-Z. In fact, the two sharp business men happen to also be very good friends. Their friendship has led them down the path of Tidal sale discussions for several months. Dorsey owns Square, and is not a stranger to being at the forefront of huge deals involving millions of dollars.
Many reports have been made about the sale of Tidal being confirmed, but this has all been made official and as of April 30th, the title of ownership of Tidal is officially in Dorsey’s hands.
Jay-Z still has his hands in the pot, but TMZ reports that; “For its $350 mil… Square gets 80% ownership of Tidal, along with licensing deals with the major record labels and all the artists/owners will remain with the company too.”
There’s no question about the fact that both typhoons are benefitting greatly from this exchange of power, and fans get to continue enjoying all the benefits that Tidal has to offer.
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Sources: TMZ, Revolt
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