- Square Inc is about to invest $297 million in Tidal, which will allow the streaming service provider to enjoy new technologies
- The streaming platform will continue its operations in the Square’s ecosystem along with Cash App and Seller
- Tidal is owned by few most famous celebrities like Rihanna and Nicki Minaj
Square Inc, an America-based financial service provider, is about to purchase a $297 million stake in Tidal, Jay-Z’s streaming service provider. The investment plan was officially announced by Square Inc on Thursday. According to a Gartner analyst, Tidal seems to help artists potentially. The artists will now be able to increase their fan bases using blockchain technology. According to an analyst in the cryptosphere, the majority stake by Square could result in some blockchain-related functionalities on the platform.
How will the investment of Square Inc help Tidal?
According to Avivah Litan, a technology analyst at Gartner, the investment of Square Inc will allow the streaming platform to enjoy more advantage of new technologies. Moreover, the stake of $297 million in Tidal could allow it to unlock DLT features. Tidal will now specifically benefit from the non-fungible tokens (NFT) with such help. The expert noted that NFT tokens would allow the artists to certify ownership for photos, videos, and other digital goods.
Tidal will continue alongside Seller and Cash App
According to the official announcement by Square Inc, Tidal will continue its operations independently within the firm. Moreover, it will operate in the same Seller and Cash App ecosystem. According to Jack Dorsey, the CEO of Square Inc and Twitter, the firm will focus on the creators’ vital needs. To fulfil its aim, Square will help grow the creator’s fan bases in a similar way it has been doing for Cash App.
Dorsey stated that Square Inc has created an ecosystem of tools for individuals and will do the same for creators and artists. Moreover, they will be working on entirely new listening experiences and bringing the fans of such artists together. Along with simple integrations for merch sales, modern partnership tools, and the latest complementary revenue system.
Some famous celebrities around the world own tidal
Tidal is an entertainment platform, which is available in 56 countries around the world. Few famous celebrities like Rihanna, Kanye West, and Nicki Minaj are the entertainment platform owners. Like Spotify, Tidal also promises to offer sound quality to its listeners with a great share of revenue to creators.