![]() The company bought food-delivery service Caviar in 2014 before selling it to DoorDash in 2019, for example that Square appears to have made a venture-level return on the transaction is immaterial to the focus argument.Īnd Dorsey is not wrong that Square did shake up the commerce game for many offline businesses with its original card reader. And Square has made acquisitions in the past that appeared adjacent and failed to stick. It’s not hard to riff on the seeming strangeness of Square and Tidal as a pair. Some early reaction to the deal has proved negative. The deal also installs musician and businessperson Jay-Z on Square’s board. ![]() Noting that “new ideas are found at the intersection,” Dorsey argued that the confluence of “music and the economy” is one such point of convergence. Dorsey’s expectation is that his company can replicate the success of Cash App and other Square products in the world of music. In his opening message, he asked a rhetorical question: “Why would a music streaming company and a financial services company join forces?!” Dorsey seemed to expect the transaction to generate skepticism - which it definitely has. Square CEO Jack Dorsey used his other company, Twitter, this morning to explain the deal. The deal, worth some $297 million, will allow artist-partners to keep their ownership in the music company. ![]() This morning Square, a fintech company that serves both individuals and companies, announced that it has purchased a majority stake in Tidal, a music streaming service.
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