Square Inc. is interested in acquiring streaming service TIDAL, according to reports from Bloomberg News. Square’s CEO Jack Dorsey (more famously known as Twitter’s CEO) reportedly met with TIDAL’s owner JAY-Z to discuss the potential acquisition. So far, no news of a finalized deal has been made public.
Square, a merchant services company most associated with their credit card readers, is reportedly looking to diversify their portfolio, thus the interest in TIDAL. TIDAL last changed hands five years ago, when JAY-Z purchased the service for $56 million.
Tidal is the only artist-owned streaming service and has often used platform-exclusive music to draw in listeners, including 2016’s eventful The Life of Pablo rollout. However, at the moment TIDAL’s unique selling point for users is that it offers the “highest quality audio available” for an increased monthly rate. Earlier this year in March, TIDAL hosted a week of free streamed concerts exclusively available to its users.
Via: Bloomberg News
Featured image: Kevin Mazur/Getty Images For Roc Nation
