Acquisitions between large companies occur often, but certainly the fact that Square , giant fintech that deals financial and payment services through mobile devices, is interested in Tidal certainly does not go unnoticed.
The rumors about a possible acquisition began to circulate in December last year, but by now there are no more doubts and there is talk of an offer of 297 million dollars to buy a majority stake of the famous Hi-Fi music streaming service. This is undoubtedly a curious move, also considering that services like Tidal are not as profitable as you might think and also Spotify and Apple Music , who can count on an extremely higher number of users, have gone through loss-making quarters.
Jack Dorsey , former founder of Twitter and co-founder and CEO of Square , wants to bring the success achieved with Square in the fintech field in Tidal, all in favor of the artists present on the platform and, quoting Dorsey, “Square and Tidal are trying to renew the music streaming business with the aim of finding new ways for artists to support their work. “.
It comes down to a simple idea: finding new ways for artists to support their work. New ideas are found at the intersections, and we believe there's a compelling one between music and the economy. Making the economy work for artists is similar to what Square has done for sellers.
– jack (@jack) March 4, 2021