Square tidal jayz jayz squarerosman1/1/2024 ![]() This deal is an attempt for Square to get a piece of the music streaming revenue boom for the decade ahead and also is a data play for all of Tidal’s users. The deal also gives Jay-Z a seat on Square’s board. Square, the financial services company started by Dorsey in 2009, purchased a majority stake in Jay-Z’s music streaming platform Tidal for $297 million. The second deal is the conclusion to TMZ photos that surfaced in 2020 of Jay-Z and Twitter and Square CEO Jack Dorsey spending a lot of time together taking long conversational walks in the Hamptons. Not a bad return for Jay-Z after 15 years of drinking high-end champaign and still retaining 50% of the business. Just two weeks ago, on February 22nd, LVMH Moët Hennessy Louis Vuitton (LVMH) purchased 50% of Armand de Brignac for a rumored $315 million+. In 2014, Jay-Z acquired the other 50%, becoming the sole owner. It became ‘the cool’ and had the cultural buzz not only because of Jay-Z, but because of the history with Cristal and the empowerment that it represented. Within months, Ace of Spades became the hottest luxury champaign on the market. So what did Jay-Z do? He swiftly purchased 50% of luxury champaign Armand de Brignac and gave it the nickname ‘Ace of Spades’. This led to a swift response and a boycott of Cristal from the Hip Hop community, with Jay-Z stating, “I view his comments as racist and will no longer support any of his products through any of my various brands, including the 40/40 Club, nor in my personal life”. ![]() I’m sure Dom Pérignon or Krug would be delighted to have their business”. In 2006, the new Roederer (the parent company of Cristal) managing director Frédéric Rouzaud told a special edition of The Economist that “the house viewed Cristal’s association with rap with curiosity” and when asked if he thought the association would harm the brand, he replied, “that’s a good question, but what can we do? We can’t forbid people from buying it. The first deal requires us to begin back in 2006, when the go-to champaign at the time for Hip Hop music videos and at the club was luxury brand Cristal. The fact that these deals for Jay-Z have none of those conflicts, and in fact help reinforce his cultural standing, makes them even more remarkable. It is an all too common position for entertainers to be stuck between a brand partnership or business deal that comes with a large sum of money, but doesn’t always fit their values or cultural beliefs. These deals are not only representative of the level of superstar that Jay-Z (real name Shawn Carter) is, but even more clearly show the master negotiator and business mind that he posses. Over the past two weeks, he has sold stakes in two of his businesses for approximately $615 million. Last month the two formed a Bitcoin fund focused on developing the cryptocurrency’s adoption, initially in Africa and India.“You only have to do a few things right in your life so long as you don’t do too many things wrong” – Warren Buffett Jay-Z and Dorsey have become chummy over the years, and last summer were seen together aboard a yacht in the Hamptons. “I knew Tidal was something special as soon as I experienced it, and it will continue to be the best home for music, musicians and culture.” “New ideas are found at intersections, and we believe there’s a compelling one between music and the economy,” Dorsey said in a statement. He added that he and Dorsey “have had many discussions about Tidal’s endless possibilities that have made me even more inspired about its future.”Īccording to Dorsey, who is CEO of both Square and Twitter, the deal “comes down to one simple idea: finding new ways for artists to support their work.” Artists deserve better tools to assist them in their creative journey.” Jay-Z tweeted about the pact Thursday, “I said from the beginning that Tidal was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers. One of Tidal’s differentiators has been its high-fidelity audio offering Spotify plans to launch its own hi-fi tier later in 2021. Tidal, which hasn’t disclosed subscriber numbers, has managed to hang on in the streaming game amid competition from huge rivals like Apple Music and Spotify. ![]() Other Tidal artist-owners include Beyoncé, Alicia Keys, Coldplay’s Chris Martin, Kanye West, Madonna, Nicki Minaj and Rihanna. ![]() In 2015, Jay-Z led a consortium of artists in a $56 million deal to acquire Norwegian streaming company Aspiro. ![]()
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |