Tidal has been in and out of headlines for alleged financial issues and mismanagement, but the streaming service’s money problems could soon be over.
According to new reports, finance service Square — the folks who brought us Square and Cash App — is interested in purchasing Tidal from Jay-Z.
Though there aren’t many details about the potential deal, Twitter CEO Jack Dorsey, who is also the CEO of Square, is reportedly looking to diversify and has held talks about buying the company. It’s unclear how far the talks have progressed and if Jay-Z is even willing to sell the company. News of Sqaure’s interest in Tidal comes on the heels of Jay and Dorsey being recently spotted hanging out together. Jay-Z purchased Tidal in 2015 for $56 million from Swedish company Aspiro.
Tidal, which launched in 2014 and now operates in over 50 countries, reported that it had 3 million subscribers in 2016 but hasn’t publicly given updated numbers since. In 2017, Sprint bought a $200 million stake in the company. Bloomberg reports that Square declined to comment while Tidal hasn’t responded.
Can Square turn Tidal into a serious streaming service power-player? Only time will tell…