In 2015, Jay-Z paid roughly $56 million for TIDAL’s parent company; six years later, Jack Dorsey’s Square paid $297 million for a majority ownership stake

In 2015, Jay-Z acquired Norwegian company Aspiro, the parent company of music streaming service TIDAL, for roughly $56 million. In March 2021, Square announced that it would acquire a majority ownership stake in TIDAL for $297 million in a mix of cash and stock while existing artist shareholders would remain stakeholders. According to Square, TIDAL would continue operating independently after the acquisition, while existing artist shareholders would retain ownership stakes.

An artist-led vision for music streaming

In March 2015, Jay-Z acquired the streaming company Aspiro, shortly before relaunching its flagship streaming platform as TIDAL. As reported by The New York Times, the value of the deal was approximately $56 million, which reflects Jay-Z's intentions of establishing a service that would put artists at the center of the music business and would not depend on traditional streaming measures. The platform soon brought together high-profile artist shareholders, including Beyoncé, Rihanna, Madonna, Alicia Keys, and Chris Martin of Coldplay, positioning itself as a service created by artists, for artists.


Unlike many other streaming companies, TIDAL differentiated itself through its delivery of high-quality sound, exclusive releases, and artist-focused content. The company believed that it was right for musicians to have more power over how they distribute their music to listeners, while subscribers were offered premium sound quality and exclusive performances that were not always available elsewhere. Although the platform developed a loyal user base, it entered a fiercely competitive streaming market dominated by Spotify, Apple Music and Amazon Music, making rapid expansion increasingly challenging.

Square saw an opportunity beyond streaming

In March 2021, Jack Dorsey's Square announced plans to acquire a majority ownership stake in TIDAL for $297 million, bringing together a financial technology company and a music streaming platform in an unexpected partnership. Square stated that its aims lay beyond just streaming music and involved helping the artists become full-fledged entrepreneurs. The company claimed to have realized that many musicians require better financial instruments, possible income sources, and means of staying in touch with their audiences. The transaction also included plans for Jay-Z to join Square's board of directors after the deal closed, further strengthening the partnership between the two companies. Instead of incorporating TIDAL into its existing operations, Square said the platform would continue operating independently alongside its Seller and Cash App ecosystems. Existing artist shareholders would remain co-owners, preserving the identity of the artist-led platform while utilizing Square’s expertise in the use of financial technology.

For Jay-Z, TIDAL symbolized his deep-rooted desire to provide creators with more power, influence, and ownership over their music. The partnership with Square reflected the growing overlap between the entertainment and financial technology industries. Companies were looking at streaming platforms not as pure music businesses but rather as potential payment, commerce, and fan engagement solutions in the digital era.

A changing model for creator businesses

As digital platforms matured, many began working on features that go far beyond just providing content managers with distribution capabilities. Square believed musicians could benefit from the same financial infrastructure businesses rely on to serve small and independent merchants.