Squaring up for a Tidal purchase?
š Good Morning and Happy Sunday! Welcome to theĀ e8 newsletter,Ā a hand-picked collection ofĀ business and start-up news, resources for entrepreneurs, job/internship postings, and noteworthy trends that are happening this week!Ā I hope you find this weekly newsletter informative and engaging!
Business/Start-Up News
Squaring up for a Tidal purchase?
Whenās the last time you handed your friend the AUX and they started playing a song through Tidal? Honestly, I canāt remember and the only memorable thing about the streaming service is that Jay Z wouldnāt 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 doesnāt even boast 10 million subscribers so letās take a closer look at what Square Inc. is really cooking up!
Square has a secret weapon, CashAppā¦
Almost everyone is familiar with Squareās ease of access payment processors. But what isnāt always publicly known is that they own āBank-Alternativeā CashApp. Having such an asset allows for them to facilitate instantaneous transactions between buyer to seller, peer to peer, business to business, etc. āWeāre interested in a 360-degree view of artists as small-business owners. Streams is just a subset of what they do,ā Jesse Dorogusker, Squareās 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.
Evās Take
Square inc knows that TIDALās 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, Squareās 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.Ā
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.Ā
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šÆThank You For Reading, See You Next Week!
What's up, my name isĀ 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!
Iād love your feedback - feel free to email me atĀ thee8newsletter@gmail.com
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