He went on to release twelve additional albums to further critical acclaim and commercial success, including The Blueprint (2001), The Black Album (2003), American Gangster (2007), and 4:44 (2017). īorn and raised in New York City, Jay-Z began his musical career in the late 1980s he co-founded the record label Roc-A-Fella Records in 1994 and released his debut studio album Reasonable Doubt in 1996, which was met with critical praise. He is the founder and chairman of entertainment company Roc Nation, and was the president and chief executive officer of Def Jam Recordings from 2004 to 2007. Known for his involvement in the creative and commercial success of numerous artists, he was named the greatest rapper of all time by Billboard and Vibe in 2023. Tidal gives Square a third potential business line.Shawn Corey Carter (born December 4, 1969), known by his stage name Jay-Z, is an American rapper, record producer, and entrepreneur. Square already has two of those verticals - the company’s Cash App for consumers and Square Seller for small businesses. In late 2019, Jay-Z released his music on Spotify.ĭorogusker said Square was less interested in Tidal’s streaming market share than its potential to bring together the common ideals of Jay-Z and Dorsey, who have become close in recent years.ĭorsey has long wanted Square to evolve from a payment company for small businesses into a broader operation with a number of stand-alone units. Norwegian newspaper Dagens Naeringsliv reported Tidal had overstated its subscriber count and had been falsifying streaming data, charges the company denied. and Alphabet Inc.’s YouTube, all of which have larger customer bases. But the service struggled to keep up with competing services from Spotify, Apple Inc., Inc. Tidal got an initial boost from exclusive access to new music from Jay-Z, Beyoncé and Rihanna, among others. They announced their vision for the service at a New York City media event where Alicia Keys declared that this moment would change music history. The rapper recruited more than a dozen of the biggest artists in the world, including Rihanna, Kanye West and Calvin Harris, as co-owners. For instance, Spotify Technology has built a multibillion-dollar business using music created by millions of artists, many of whom are struggling to make ends meet.īut Jay-Z didn’t align himself with any paupers. Musicians have long complained about record labels exploiting them, and that frustration hasn’t abated as they’ve transitioned to having relationships with streaming services. Jay-Z acquired Tidal for $56 million in 2015 and announced plans to turn it into the first artist-owned streaming service. “Artists sell tickets, they sell special experiences,” he said. Some obvious examples would include helping musicians run their merchandise businesses. “There was a real opportunity at this intersection of music and art and the economy that was uniquely made for the pair of us,” Dorogusker said. It’s not immediately clear how Square will help Tidal build its business, but there is a lot of overlap between the music industry and Square’s existing market, which includes payments and commerce, said Jesse Dorogusker, the Square executive who will serve as interim leader of Tidal inside its new parent company.
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