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Tidal is taken over by payment company Square

Dorsey founded Square while on hiatus from Twitter and heads both companies. He himself raised the obvious question of how a streaming service and a financial services provider fit together in a series of tweets. His answer: It's about new ways in which musicians can earn money with their work.

Square has created new opportunities for small retailers with its smartphone and tablet POS system - and the experience could also be useful in the music industry, argued Dorsey. "We'll be working on completely new listening experiences to bring the fans closer together." It is also about a simple integration of the sales of fan merchandise, modern tools for cooperation and additional revenue streams. After the announcement, Square shares temporarily lost around four percent. Tidal was started in 2014 by a Norwegian company, the following year Jay-Z and several other stars took over the streaming provider with the idea of ​​creating a music service that belongs to the artists themselves. Among other things, Tidal was a pioneer in streaming music in better quality for a higher subscription price. Overall, however, the service remained a niche offering far behind the two largest providers Spotify and Apple Music.

The other artists involved in Tidal should keep their shares, it said. Square pays the equivalent of around 247 million euros in a mixture of cash and stocks.
"We'll be working on completely new listening experiences to bring the fans closer together."
Dorsey (44) and Jay-Z (51) started a Bitcoin fund together in February, which is supposed to finance projects with the cryptocurrency, initially with a focus on development teams in Africa and India. Last summer they were photographed on a yacht excursion near New York, which caused speculation about a possible collaboration even then. dpa