Recently tech giant Jack Dorsey was spotted meeting up with music mogul Jay-Z in the Hamptons, and it was reportedly about Square’s interest in acquiring the music streaming service Tidal.
On Wednesday, Bloomberg News reported that Dorsey, who is also the co-founder and CEO of Twitter, is interested in taking over Tidal in efforts to diversify Square’s business.
The outlet reported that it’s unclear how much the Cash App Parent is willing to pay for Tidal, which has been struggling to keep up with rivals Spotify and Apple Music, and the discussions may not lead to a deal at all.
In August, Dorsey took a yacht ride in the Hamptons with Jay-Z and his wife Beyonce, they were also spotted hanging out on a beach last month with actor Sean Penn.
Neither Square nor Tidal immediately responded to a request for comment early Thursday.
In 2015 Jay-Z acquired Tidal for $56M and now Dorsey is taking a look at the music streaming service with hopes of bringing a wider range of products and services under Square’s roof in a setup similar to Disney.
But Tidal has struggled to gain a foothold in the music-streaming wars, the company hasn’t put out subscriber figures since 2016 when it said it had 3 million paying users. Spotify, by contrast, had 50 million paid subscribers by March 2017.
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