Not many heads turned when Jack Dorsey and Jay-Z were spotted hanging out in the Hamptons this past August. However, now, there’s much talk about Dorsey’s Square, Inc. reportedly acquiring Jay-Z’s music streaming service Tidal.
According to Bloomberg, negotiations are being held to push for diversity for the platform. The music mogul acquired Tidal for $56 million in early 2015, and an unidentified source believes the sale to be imminent.
Currently, Tidal struggles to outpace or even keep up with other music-streaming services. Its main draw, besides Hov’s extensive catalog, is its exclusive access to runway shows, the RapRadar podcast, and other live stream series. Still, it hasn’t gained massive popularity like Spotify and Apple Music.
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Bloomberg reports that Dorsey’s intentions are to develop several stand-alone brands under the Square umbrella. As a result, if Square acquires Tidal, it will only help broaden the corporation.
There’s no word on what other changes will occur if the sale is made. Neither company has commented on the matter.
