MQA Applauds News of Square's Plans to Buy Tidal for $297M
MQA Ltd. “could not be happier” for Tidal after the announcement that Square is investing in the high-resolution music streaming service, said MQA CEO Mike Jbara Thursday. “Tidal has been the most innovative streaming service from the start,” said Jbara,…
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and the new structure “equips them and Square to go further faster together.” Tidal is one of a handful of streaming services that supports playback of the Master Quality Authenticated codec. Square announced Thursday it’s buying a “significant ownership stake” in Tidal for $297 million in cash and stock. “Existing artist shareholders will be the remaining stakeholders,” it said, and Tidal will operate independently within Square, alongside the Seller and Cash App ecosystems. Tidal relaunched in March 2015 as an artist-backed alternative to high-profile streaming services such as Spotify and Pandora and is indirectly owned by rapper Shawn Carter, aka Jay-Z, who will join the Tidal board after the deal is completed. Square CEO Jack Dorsey referenced an intersection between “music and the economy” and said Tidal will “continue to be the best home for music, musicians, and culture.” The deal is expected to close in Q2.