Square is mulling the acquisition of music streaming Tidal, Bloomberg reported, with sources saying CEO Jack Dorsey has held talks with Tidal owner Jay-Z, who bough Tidal in early 2015 for USD 56 million. The discussions may yet come to nothing, sources said, noting Square was seeing if this was a way to diversify its services. Neither company gave a comment on the report.
Tidal launched in 2014 and hit 3 million customers in 2016. It has since not released further customer figures. The service's owners include other high-profile artists, including Beyonce, Alicia Keys, Coldplay, Madonna and Rihanna, among the few dozen. The service, available in 53 countries and giving access to more than 60 million songs and 250,000 videos, has tried to use its star power to offer experiences that complement its music. That includes a Rihanna runway show in Paris that was streamed for Tidal members, as well as charity concerts by Jay-Z and Beyonce.
