All 16 Tidal co-owners receive US$8.9M in payments after sale to Square

Beyoncé, Kanye West, Rihanna, Nicki Minaj, Usher, TI, Alicia Keys, Lil Wayne, and the eight other co-owners of Tidal are now almost US$9 million dollars richer after its sale.

Each artiste had a three per cent stake in the company.

The streaming platform, owned by music mogul Jay-Z, was sold to Square, Inc for US$297 million.

Square Inc is owned by Jack Dorsey who is also the co-founder of Twitter.

Jay-Z had labeled the sale of the company as a game-changer for the music industry.

“TIDAL is more than just streaming music, and continues to be a platform that supports every stage of an artist’s career six years later. Jack and I have had a lot of discussion about the infinite possibilities of TIDAL, which has further inspired us about the future of TIDAL,”

He will be named to Square’s board of directors and also remain a shareholder, along with other artiste-owners including wife Beyoncé, Damian Marley, Madonna and Rihanna.