XXL Magazine reports that JAY-Z is selling TIDAL to Square Inc., a financial company owned by Twitter CEO Jack Dorsey. The deal gives Square 80 percent ownership of TIDAL, as well as allows the company to acquire the licensing deals with all major record labels. However, artists and owners are expected to stay with TIDAL. Additional information indicate that Square Inc. is set to pay $297 million USD in cash and stocks.
On Wednesday, the Mechanical Licensing Collective announced it had received $424.38 million in unmatched royalties from Apple Music, Amazon Music, and Spotify among other streaming services. Variety reports that these streaming services paid the accrued historical unmatched royalties, often called “black box money,” to the MLC in order to get these royalties to copyright holders, songwriters, and publishers who have applied to be MLC members.
JAY-Z has amassed a fortune that amounts to $1 billion, but how did he get there? Continue reading JAY-Z Becomes First Billionaire Rapper
Kanye West has been one of Tidal’s biggest champions: he joined the company the moment Jay-Z relaunched its service, and The Life of Pablowas one of the streaming music service’s largest (if temporary) exclusives. However, it appears that the relationship has… soured. TMZ sources claim that Kanye has left the company over a payment squabble involving both Life of Pablo and music videos. It’s reportedly a messy dispute, and certainly not what Tidal wanted in an already tumultuous period for the business.
In March of 2015, Jay Z acquired Tidal’s Oslo-based parent company Aspiro, for $56 million. Tidal quickly inked many A-list artists to deals for it’s music streaming service.
Apple is reportedly in talks to purchase Jay Z’s music streaming service Tidal, a source told The Wall Street Journal. As of now, no details are known about the potential acquisition, but if true, it will likely result in a big payday for Tidal’s artist owners, including Rihanna, Nicki Minaj, Kanye West, and Pharrell.