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Twitter co-founder and Block CEO Jack Dorsey just announced the official board members of his bitcoin development endowment in collaboration with Hip-Hop royalty Jay-Z. As previously reported by AfroTech, Dorsey has expressed interest in the power of bitcoin and other forms of cryptocurrency. He will now put some action behind the talk of using the digital form of currency to leverage his business. Jack Dorsey is following through on his commitment with Jay-Z to pledge 500 BTC to set up ₿trust, an endowment to fund bitcoin development focusing on teams based in Africa and India. When AfroTech first told you the news in February 2021, Dorsey mentioned needing three board members, but he’s now announced four. The team will take zero direction from Dorsey and Jay-Z when getting started.
TIDAL is finishing what it started when it comes to better supporting artists, and they’re adding more plans too. On Nov. 16, the streaming service announced a free tier for the first time, exclusive to U.S. -based listeners, The Verge reports. Subscribers will have free access to TIDAL’s 80 million song catalog and their entire playlist selection with limited interruptions. The platform will be using the interruptions to educate consumers on the music industry. TIDAL HiFi has also been upgraded, which is now split into two separate plans. The standard paid plan offers high-fidelity audio and offline listening with new features including TIDAL Connect and My Activity, for $9.99 a month. TIDAL HiFi Plus — the new third plan — is a $19.99 a month subscription that will have the “best-in-class immersive sound formats,” including Dolby Atmos and Sony 360 Audio tracks, according to the company. The company’s latest evolution doesn’t just stop at subscribers’ satisfaction, but will also...
It’s no secret that Hip-Hop’s first billionaire Jay-Z is always where the money resides, and that goes for Jay-Z’s Marcy Venture Partners as well. TechCrunch reports, The “Hard Knock Life” rapper’s venture capital firm Marcy Venture Partners — co-founded with Jay Brown (former Roc Nation CEO) and Larry Marcus (Walden VC general partner) — has just closed its second fund with an impressive $325 million. As AfroTech previously reported early last year, the firm’s first fund was a whopping $85 million and signaled the start of new investments. Now, according to TechCrunch, Jay-Z’s Marcy Venture Partners is “now managing $600 million in assets altogether,” says the group’s co-founder Larry Marcus. The trio’s mission is to drive the consumer and mass-market to allow culture to transcend across products, services, media and technology. Marcy Venture Partners prides itself in filling its portfolio with companies that are run by minorities and women pushing forward its key values, which...
Jay-Z no longer owns TIDAL. According to Rap-Up, the hip hop great-turned-business mogul has finalized the deal to sell the streaming service to the Jack Dorsey-owned Square for a hefty $302 million. The deal turns over the majority of the shares of TIDAL to Square, thus fully releasing Hova of all financial responsibilities of the app. Dorsey first announced that Square would be acquiring TIDAL last month. So now that Jay-Z no longer owns TIDAL, what does that mean for his interest in the company? Well, for starters, even though he no longer owns the majority stake in the company (Square got 80 percent of the company in the deal), Hova (real name: Shawn Carter) will join Square’s Board of Directors, while Square executive Jesse Dorogusker will lead in the interim until a new Head of TIDAL is found. And even though Square will now own the licensing deals with the major record labels, the existing shareholders — a music industry who’s who that includes the likes of Beyoncé, Rihanna,...
Jay-Z’s music streaming giant Tidal is joining forces with Jack Dorsey’s financial services company Square in a monumental move that’s innovating the music industry for artists’ benefit. Billboard broke the news this morning after reporting that Square will be paying $297 million in a mix of cash and stock to acquire a majority stake in the company. In exchange, Jay-Z will join Square’s board of directors while Square’s hardware lead Jesse Dorogusker will serve as the interim head of Tidal once the deal is finalized. At the close of this deal, artist stakeholders who initially partnered with Jay-Z and Tidal will maintain ownership stakes in the streaming service. According to a series of tweets from Dorsey, this deal allows both parties to brainstorm new ways to support artists in a time where touring is not able to resume at regular capacity amid the pandemic. It comes down to a simple idea: finding new ways for artists to support their work. New ideas are found at the...
Not many heads turned when Jack Dorsey and Jay-Z were spotted hanging out in the Hamptons this past August. However, now, there’s much talk about Dorsey’s Square, Inc. reportedly acquiring Jay-Z’s music streaming service Tidal. According to Bloomberg, negotiations are being held to push for diversity for the platform. The music mogul acquired Tidal for $56 million in early 2015, and an unidentified source believes the sale to be imminent. Currently, Tidal struggles to outpace or even keep up with other music-streaming services. Its main draw, besides Hov’s extensive catalog, is its exclusive access to runway shows, the RapRadar podcast, and other live stream series. Still, it hasn’t gained massive popularity like Spotify and Apple Music. View this post on Instagram A post shared by TIDAL (@tidal) Bloomberg reports that Dorsey’s intentions are to develop several stand-alone brands under the Square umbrella. As a result, if Square acquires Tidal, it will only help broaden the...