👋 Good Morning and Happy Sunday! Welcome to the e8 newsletter, a hand-picked collection of business and start-up news, resources for entrepreneurs, job/internship postings, and noteworthy trends that are happening this week! I hope you find this weekly newsletter informative and engaging!
Squaring up for a Tidal purchase?
When’s the last time you handed your friend the AUX and they started playing a song through Tidal? Honestly, I can’t remember and the only memorable thing about the streaming service is that Jay Z wouldn’t let me listen to his 4:44 album unless I signed up. Well, Tidal is back in the news but this time because Square Inc. has announced that they will be paying $297 million in cash and stock for a majority stake, as well as to have Jay-Z, born Shawn Carter, join the company board. This is some big news for a company that doesn’t even boast 10 million subscribers so let’s take a closer look at what Square Inc. is really cooking up!
Square has a secret weapon, CashApp…
Almost everyone is familiar with Square’s ease of access payment processors. But what isn’t always publicly known is that they own “Bank-Alternative” CashApp. Having such an asset allows for them to facilitate instantaneous transactions between buyer to seller, peer to peer, business to business, etc. “We’re interested in a 360-degree view of artists as small-business owners. Streams is just a subset of what they do,” Jesse Dorogusker, Square’s top hardware executive who will lead Tidal on an interim basis, said in an interview. Musicians are way past the point where they rely on streams and royalty as their only source of income, so having the ability to work with Tidal/Square Inc (Cash App platform) on collecting from their other revenue streams (tours, merch, collabs), as well as having other services such as lending at their side is huge.
Square inc knows that TIDAL’s been at the forefront of audio technology. TIDAL offers ultra high sound performance with better resolution than most other audio services as they are able to deliver HiFi 3D audio tracks using 360 Reality Audio codecs. Pretty sweet stuff if you are into that specific ish!
Square has their head in the right place. They have grown a great social media presence attracting millennials and smaller businesses by providing necessary resources such as SaaS Applications, Payment Hardware Products, and much more to help them grow and facilitate their everyday operations. In addition, Square’s CashApp has also taken the Social Media route, targeting the younger generation to use their services and enticing them with sweet cash back deals. This is something we will most likely see with Tidal. Ex. paying our monthly subscription cost with the CashApp card will give you 10-20% off.
All in all, while Tidal reportedly has around 5% of market share in the audio streaming business, hopefully with the help of Square they will be able to be the forefront of a new digital music era, focusing on becoming the all in one financial music hub, and ultimately bringing more artists and listeners to their platform. A real win win.
👀 Interesting Follows
Amazon Quietly Opens Its Eleventh Fresh Store, Reportedly Plans 28 More
Canoo Reveals A Bubbly Electric Pickup Truck
So You Spent Millions On An NFT.Here's What You Actually Bought.
Coupang Debuts With A Bang
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Marketing Create Intern (ESPN)
Engineering and Technology Intern (Moody’s)
Enterprise Risk Management Intern (AIG)
Global Brand Strategy Intern (Snapchat)
Software Engineer Intern (Tinder)
Creative Strategy Intern (Snapchat)'
Private Equity Analyst (Arrowroot Capital)
Hardware Engineer Intern (Square)
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Treasury Capital Markets Intern (Salesforce)
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💯Thank You For Reading, See You Next Week!
What's up, my name is Evan Hiltunen! I am a recent finance grad from Indiana University and financial analyst @ Goldman Sachs. I have a strong passion for start-ups, finance, and technology, and I hope you find this newsletter informative!
I’d love your feedback - feel free to email me at email@example.com