Those partners include Beyoncé, Rihanna, J. Cole, Kanye West, Usher, Nicki Minaj, Alicia Keys, Madonna, and more.
The news regarding Jay-Z’s monumental sell-off of Tidal to Jack Dorsey’s Square, Inc. revealed that Hov took home $297 million, but it sparked a conversation about his co-owners. Others who bought-in when Jay acquired Tidal back in 2015 include Beyoncé, Rihanna, Usher, Nicki Minaj, Kanye West, J. Cole, Alicia Keys, Daft Punk, Chris Martin (Coldplay), Calvin Harris, deadmau5, Madonna, Jack White, Win Butler & Régine Chassagne (Arcade Fire), and Jason Aldean. Variety recently shared a report where they broke down the numbers, including how much each of these partners will walk away with in this latest Tidal deal. According to the outlet, those who partnered with Hov were “gifted 3% in equity in Tidal,” and it’s estimated that each artist (or artist paring) will receive approximately $8.91 million. Jay’s latest move has been heavily criticized from all sides, but regardless of where one stands about the Rap mogul’s business decisions, they all prove to be lucrative in maintaining his billion-dollar empire. “Tidal started with the idea of honoring artists by being artist-owned and led, focused on an uncompromised experience of the art,” Twitter and Square CEO Jack Dorsey recently tweeted. “It’s refreshing and right. The vision only grows stronger as it’s matched with more powerful tools for artists, inclusive of new ways of getting paid.”
Square is acquiring a majority ownership stake in TIDAL through a new joint venture, with the original artists becoming the second largest group of shareholders, and JAY-Z joining the Square board. Why would a music streaming company and a financial services company join forces?!