Jay-Z’s net worth jumps with sale of streaming service Tidal

Jay Z [Photo: Courtesy]

Payments firm Square Inc agreed on Thursday to buy a majority stake in rapper Jay-Z’s Tidal music streaming service for $297 million in a deal that could popularize blockchain or other new approaches to storing and buying online media.

Square Chief Executive Jack Dorsey, who also runs Twitter Inc, said in a statement that the tie-up “comes down to one simple idea: finding new ways for artists to support their work.” Square and Tidal would work on new listening experiences “to bring fans closer together,” simple integrations for merchandise sales and financial tools for artists, he added in a Twitter post.