Fintech company Square published its latest financial results yesterday, and there’s now a music angle on its performance thanks to its majority stake in streaming service Tidal. Square’s ‘corporate and other’ revenue category was $58m in the third quarter of this year, which the company said “comprised areas outside our Seller and Cash App ecosystems, which was primarily Tidal during the quarter”.
Context is provided by the overall numbers: $3.84bn of revenue in Q3, meaning that at most Tidal was 1.5% of the company’s business. It only got one mention in Square’s earnings call, when CEO Jack Dorsey referred to “building tools for artists, starting with musicians” as an investment for 2022.
That’s no surprise: in June Dorsey said that he had realised “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”.
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