A bizarre report today claims that Square Inc. Jack Dorsey can buy a tidal after meeting Jack Dorsey twice with two co-owners of the streaming music service, Jack-Z and Beyonc … …
Bloomberg reports that Dorsey sees this as part of a diversification plan to run several different businesses semi-autonomously under the umbrella of the square.
According to a person familiar with the situation, Square Inc., a digital-payment company run by Jack Dorsey, has negotiated to achieve the tide of music-streaming services as part of a way to diversify.
Dorsey discusses a possible deal with J-Z, rapper and music mogul who earned Tidal id 5 million in early 2015, saying the man was the person who asked not to identify the talks as private. Negotiations cannot result in a transaction.
In the meantime, Dorsey has ambitions to build a more comprehensive company with solely complementary services. Square’s two core products Square Vendors and Cash Applications already operate somewhat differently within Square Inc., each with its own “leadership” on the executive team. It is believed that Dorsey, who spent more than four years on the board of Walt Disney Co, had the idea that Square would similarly own the business collection under a corporate umbrella.
The supporting evidence is weak – Dorsey has been seen hanging out with J-Z and Beyonc in Hampton and Hawaii.
This would be an odd achievement. Making money from the streaming music business is incredibly difficult. Market leader Spotify has made losses almost every quarter in its 14-year history. It’s impossible for Apple Music to do anything better than this: In 2017, Jimmy Ivine said that there was “no margin” in the music streaming business.
“Streaming services have a bad situation, there is no margin, they are not making any money,” he said. “Amazon sells Prime; Apple sells telephones and iPads; Spotify, those audiences need to find a way to buy something else. “
The tide has fought more than most: it reported only 3M subscribers in 2016 and the number has not been updated since. It’s hard to understand why anyone would want to buy a tidal, let alone a square.
FTC: We use revenue generating automated links. More
Check out 9to5Mac on YouTube for more Apple news: