JAY-Z has agreed to sell the majority of TIDAL to Square, Inc. for an aggregate consideration of $302 million. On March, Jack Dorsey’s company announced that it would be acquiring the streaming music service, but the deal didn’t actually close until Friday (April 30).

Bloomberg News reported the possible suitor is US tech billionaire Jack Dorsey, best known as co-founder and CEO of Twitter.

Dorsey wants to acquire the streaming platform to diversify his digital payments firm Square, whose shares leaped 267% year-to-date, and has a positive reputation at Wall Street, reports claim.

Tidal was as a artist led alternative to other popular streaming services such as Spotify and Soundcloud. According to Variety, Jay-Z curated a consortium of his A-list pals, Beyoncé, Alicia Keys, and Kanye West among others to purchase a similar Norwegian based music streaming called Aspiro. The cost of the purchase - $56 million.

    Square is acquiring a majority ownership stake in TIDAL through a new joint venture, with the original artists becoming the second largest group of shareholders, and JAY-Z joining the Square board. Why would a music streaming company and a financial services company join forces?!

"It comes down to a simple idea: finding new ways for artists to support their work. New ideas are found at the intersections, and we believe there’s a compelling one between music and the economy. Making the economy work for artists is similar to what Square has done for sellers." wrote Dorsey.

On paper it seemed bound for success, and touted as a new model for the biz.

For US$20 a month, it offered high-fidelity audio, and exclusives with its superstar owners including Beyoncé, Alicia Keys, Coldplay, Nicki Minaj, Madonna and Rihanna. Each of the 20 was reportedly given 3% equity in the platform.

“I said from the beginning that TIDAL was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers,” said JAY-Z. “This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”

Because Tidal is still a relatively new platform, it understandably falls behind the giants of its contemporary music streaming giants that average yearly revenue in the billions. But, by the dialogue presented in the conference, the duo has a couple tricks up their sleeves: one of which being the innovation of the industry's analytic front.

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