While there’s no denying that TIDAL has taken a rather unique approach to music streaming, it’s also clear that the service hasn’t pulled a significant amount of market share away from the giants of the space – specifically Spotify and Apple Music. On that front, TIDAL may get some help from an unexpected buyer, as rumor has it that Square is in talks to purchase the service.
Square is not the first company you think of when it comes to businesses that may be in the market for a music streaming service. Despite that, Bloomberg reports that the Jack Dorsey-led Square has at least considered buying up TIDAL as a way of diversifying so that financial and merchant services aren’t the only thing it offers.
It would be a big purchase, that’s for sure, but it’s far from a done deal at this point. Bloomberg spoke to an anonymous source familiar with the talks between TIDAL and Square, and it this point, that’s all they seem to be: talks. There’s been no agreement reached by these two companies, and Bloomberg’s source is clear that there ultimately may not be a transaction between the two..
Beyond that little morsel of information, we don’t have a ton of details, likely because there aren’t very many at the moment. Bloomberg notes that Dorsey would like to see Square become a company “made up of stand-alone, complementary services,” and while a music streaming service like TIDAL may not obviously complement Square’s financial services and products like the Cash app, this would probably be the first of many acquisitions to turn Square into the company that Dorsey envisions.
We’ll see what happens from here, but assuming these talks pan out into something more, Square may soon be taking TIDAL off Jay-Z’s hands. Whether or not Square can turn TIDAL into a bonafide Spotify challenger is another question entirely, but it certainly has the money to throw at such a problem. Stay tuned.