Digital payments company Square has held talks to acquire Jay-Z’s Tidal music streaming service, Bloomberg News reported late Wednesday.
Square chief executive Jack Dorsey, who also leads Twitter, aims to expand and diversify the company, according to the report, which was based on an unnamed source.
Bloomberg said the talks may not result in a transaction.
Jay-Z bought Tidal from Europe-based Aspiro in 2015 year in a deal valued at slightly more than $56 million.
Owners include several other high-profile artists, including Madonna, Rihanna and Jay-Z’s wife, Beyonce.
But Tidal has struggled to compete against much larger streaming services such as Spotify and Apple. The privately-held company had three million paying subscriptions in 2016, when it last disclosed figures.
Jay-Z surprised fans in December 2019 by moving his music catalogue back to Spotify after a two-year hiatus.
Apple in 2016 also reportedly explored a purchase of Tidal to bolster its music streaming offerings.
© 2020 AFP
Square in talks to buy Jay-Z’s Tidal: report (2020, December 24)
retrieved 25 December 2020
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no
part may be reproduced without the written permission. The content is provided for information purposes only.