Fintech company Square is the new majority owner of Tidal, and its CEO Jack Dorsey (also CEO of Twitter) got together with Jay-Z for a Twitter Spaces discussion of their plans for the music service.
Variety has a good writeup, with the main takeaway being Dorsey’s desire to make analytics a big differentiator for Tidal. “What really dawned on me was how weak some of the tool sets are for artists, with analytics and data, to understand what they’re doing and help them inform their decisions, especially considering other revenue streams like merchandise and touring and NFTs,” said Dorsey, later returning to the point.
“When Jay and I had our initial conversations, the biggest opportunity we saw was the tools — artists have very few access to data, information, analytics and there’s not enough direct connection to those tools and the tool spaces are rather weak in comparison to other industries.”
That may raise eyebrows given the investment that other streaming services (as well as external startups) have made in analytics in recent years, but if Tidal and Square can come up with some new ideas and tools, the competition will be good news for artists and labels.