Square Is Acquiring a Majority Stake in Tidal for $297M
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BILLBOARD COUNTRY UPDATE APRIL 13, 2020 | PAGE 4 OF 19 ON THE CHARTS JIM ASKER [email protected] Bulletin SamHunt’s Southside Rules Top Country YOURAlbu DAILYms; BrettENTERTAINMENT Young ‘Catc NEWSh UPDATE’-es Fifth AirplayMARCH 4, 2021 Page 1 of 25 Leader; Travis Denning Makes History INSIDE Square Is Acquiring a Sam Hunt’s second studio full-length, and first in over five years, Southside sales (up 21%) in the tracking week. On Country Airplay, it hops 18-15 (11.9 mil- (MCA Nashville/Universal Music Group MajorityNashville), debuts at No. 1 on Billboard Stake’s lion audience in impressions, Tidal up 16%). for $297M Top• CountryWith Square’s Albums Tidal chart dated April 18. In its first week (ending April 9), it earnedAcquisition, 46,000 equivalent New album units, including 16,000 in album sales, ac- TRY TO ‘CATCH’ UP WITH YOUNG Brett Youngachieves his fifth consecutive cordingInterim to Nielsen Head Says,Music/MRC Data. andBY totalMICAH Country SINGLETON Airplay No. 1 as “Catch” (Big Machine Label Group) ascends Southside‘We’re Not marks Trying Hunt’s to second No. 1 on the 2-1, increasing 13% to 36.6 million impressions. chart andWin fourth The Ear’top 10. It followsFinancial freshman services LP giant Square is acquiring a majority 2015. Since its Young’srocky launchfirst of six at chartwhich entries, a handful “Sleep of With- Montevallo, which arrived at thestake summit in Tidal, in No - the music streaming service led by Jay- the world’s outrichest You,” artists reached stood No. on2 in stage December and said 2016. He vember• New 2014 York and reignedMusic for nine weeks. To date, followed with the multiweek No. 1s “In Case You Z, the companies announced Thursday (March 4). they were underpaid for their music — garnering an MontevalloVenues hasCan earned Reopen 3.9 million units, with 1.4 Didn’t Know” (two weeks, June 2017), “Like I Loved millionat in33% album Capacity sales. Square will pay $297 million in a mix of cash and immediate publicYou” (three, backlash January — 2018),the company “Mercy” has(two, faced August MontevalloStarting has April spent 2 267 weeksstock on the for list, a tyingmajority stake in the company, allowing the a range of challenges,2018) and “Here from Tonight” being sued (two, over April claims2019). Luke Bryan’s Crash My Party as theartist sixth-longest- stakeholders who initially partnered with Jay-Z of false advertising“Catch” around completes exclusive his longest releases journey to to a No.$3 1, • Miley Cyrus Signs running titles in the chart’s 56-year history. having taken 46 weeks to reach the apex. It out- With Columbia and Tidal to keep ownership stakes as well. Jay-Z will million dispute between the service and artist share- On the all-genre Billboard 200, Southside ar- paces the 30-week climb of “Here Tonight.” Records: Exclusive join Square’s board of directors, and Square’s hard- holder Kanye West, who terminated his exclusivity rives at No. 5, awarding Hunt his second top 10 On Hot Country Songs, “Catch” pushes 7-5 for ware lead Jesse DoroguskerHUNT will serve as theYOUNG interim deal with Tidal in 2017. after• the UK No. Live 3-peaking Industry Montevallo . a new high. head of Tidal upon the closing of the deal. Tidal quickly stopped reporting subscriber numbers Hunt firstWelcomes released the EPX2C , which debuted and peakedGovernment at No. 5 on Top CountryTidal Albums will operate in August independently 2014. Following within Square,COMBS the‘DOES’ publicly,IT AGAIN Lukewith Combs the service ’ “Doesreportedly to Me” (River hovering House/Columbia around MontevalloFunding,, ButBetween Summer the Pines: companyAcoustic Mixtape says, and started the acquisition at its No. 7 high is expected in Nashville), to close featuring 3 million Eric Church paying, ascendssubscribers 11-8 on in Country 2018, compared Airplay, up to 10% to NovemberFestivals 2015. Are Still in the second quarter of 2021. 24.7 million in audience.Spotify’s The 20 millionsong is Combs’ subscribers eighth at straight the time. career-opening MontevalloThreatened produced five singles, four of which hit the pinnacle of Country top 10, following a record run of seven consecutive out-of-the-gate, properly Airplay: “Leave the Night On,” “Take“It Yourcomes Time,” down “House to one Party” simple and idea: “Make finding promoted new No. 1 singles.Despite the issues, Tidal was given a lifeline by You• Miss BTS Me.” Crowned “Break IFPI Up in a Smallways Town” for artists peaked to at support No. 2. their work,” Jack DorseyChurch, adds hisSprint 15th (nowCountry merged Airplay with top 10. T-Mobile), when the HuntGlobal co-penned Recording all 12 songsSquare on Southside co-founder, including and “BodyCEO, said Like ina Back a statement. “New telecom giant invested $200 million into the stream- Road,”Artist which of was 2020 released in 2017.ideas The are smash found hit at ruled intersections, Country Airplay and we for believeTHAT there’s TOOK QUITEing service ‘A FEW’ for MONTHS a 33% Travis stake, Denningvaluing shattersthe company the record at for three weeks and the airplay-, streaming-a compelling and sales-based one between Hot musicCountry and Songs the economy.the most I weeks $600it has takenmillion. to penetrate The influx the Countryof cash Airplaydid not topstop 10 asTidal “After chart for a then-record 34 frames. It now ranks second only to Bebe Rexha and a Few” (Mercury Nashville) climbs 12-10 in its 57th week, up 4% to 21.4 mil - FloridaMARKET Georgia WATCH Line’s “Meant toknew Be” (50 Tidal weeks was atop something the latter listspecial in 2017-18). as soon aslion I expe in radio- reach.from falling behind on paying its bills, with the PAGE 22 “Downtown’s Dead,” which isrienced also on it,the and new it set, will reached continue Nos. to 14 be and the 15 best homeThe song for surpassesstreaming two tracks service that failing took 50 to weeks pay rights each to holders enter the on top 10: on HotSONGWRITERS Country Songs and Countrymusic, Airplay, musicians, respectively, and culture.” in June 2018. “Kin- Easton Corbin’stime “A Girl in 2018. AccordingLike You,” which reached to The NewNo. 10 York in January Times 2018, Jay-Z be - folks”& ledPRODUCERS Country Airplay on Feb.The 29, becoming sale is a coup Hunt’s for seventh Jay-Z, No. who 1. Itrelaunched hit fore peakingthe at No.bought 6 that out February, T-Mobile’s and Aaron stake Watson and most’s “Outta of those Style,” shares which No. 3 on HotCHARTS Country Songs. achieved its No. 10 high in December 2017. streaming service six years ago after buying Tidal’s will be sold to Square in the acquisition. LatestPAGES single 23 “Hard - 25 to Forget” jumps 17-9 on Hot Country Songs. It’s his “After” is Denning’s second Country Airplay entry. “David Ashley Parker Swedish parent company Aspiro for $56 million in (continued) eighth top 10, having corralled 8.2 million U.S. streams (up 96%) and 5,000 in From Powder Springs” traveled to No. 32 in September 2018. ETHAN MICHAEL YOUNG: VIA MARTIN/NHLI GETTY HUNT: IMAGES. IMAGES MILLER/GETTY Page 3 of 25 IN BRIEF “I said from the beginning that Tidal was with Cash App, Square’s mobile payment revenue numbers. about more than just streaming music, and service, which could allow fans to pay artists Tidal was also early on prioritizing pod- six years later, it has remained a platform directly for content or merchandise. casting and investing in high-fidelity audio, that supports artists at every point in their Square’s acquisition of Tidal is expected both of which have grown in popularity careers,” Jay-Z said in a statement. “Artists to alleviate concerns around the music in- in recent years, most recently with Ama- deserve better tools to assist them in their dustry, as Tidal had once again been behind zon and Spotify both rolling out Hi-Fi tiers. creative journey. Jack and I have had many on payments to multiple rights holders in “The model Amazon is using now for their discussions about Tidal’s endless possibili- 2020, according to multiple sources. Square higher-priced tier, Jay-Z showed there is an ties that have made me even more inspired and Tidal will jointly focus on improving audience there, you have to give him credit about its future. This shared vision makes the streaming service’s payment structure for that,” one major label executive told Bill- me even more excited to join the Square moving forward. Tidal is also the subject of board. board. This partnership will be a game- a data fraud investigation in Norway, on When asked about the future of Tidal’s changer for many.” claims that it inflated the number of streams podcast strategy, Dorogusker said the In an interview with Billboard, Doro- for albums including Beyoncé’s Lemon- company will focus on music. “To the extent gusker says Tidal’s focus will be on building ade and Kanye West’s The Life of Pablo. that artists are doing podcasts in service of out new tools to support artists throughout According to Dorogusker, Square is happy their business, great, but we’re not looking their careers, alongside Tidal’s core music with the state of Tidal and did its home- at audio generally,” Dorogusker says. “We’re streaming business, which he says is grow- work on the company. “We feel really good not trying to win the ear, what we’re trying ing. about the diligence we did,” Dorogusker to do is be committed to music and musi- “We think the streaming service is an says.