TIDAL-owner Block has acquired the music industry-focused monetary providers agency HIFI, whose backers embody Quincy Jones, Diplo, and 3LAU.
Block (previously referred to as Sq.), the fee know-how firm launched by Twitter co-founder Jack Dorsey, has acquired HIFI, a monetary providers agency targeted on the music {industry}. Whereas monetary particulars have but to be disclosed, the deal closed on Tuesday (October 10) in accordance with an individual with data of the transaction.
Launched in 2020 with backers comparable to Diplo, Quincy Jones, 3LAU, and G-Eazy, HIFI permits purchasers to trace their royalty revenue from a number of sources, together with publishers, distributors, and efficiency rights organizations. The acquisition will enable HIFI to “additional our shared objective of financial empowerment with the monetary applied sciences and providers we have now constructed to assist artists thrive.”
“HIFI was based by a group with a shared ardour for music and a deep respect for the artists who create it,” begins an announcement on HIFI’s web site. “With the assist of high traders and music creators, we’ve labored to supply modern monetary merchandise, empowering artists and their groups throughout the {industry} to attain monetary transparency and independence.”
Block is greatest identified for the fee and e-commerce answer software program Sq. and Money App, however since buying TIDAL in 2021 from Jay-Z for greater than $300 million, it has began additional increasing its music firm portfolio. It boasted a income of $10.5 billion for the primary half of 2023.
“Block has lengthy labored to create financial entry throughout its ecosystems, and thru its TIDAL enterprise, is targeted on serving artists at each stage of their profession,” HIFI’s assertion continues. “We couldn’t consider a greater path for HIFI and our vibrant group going ahead.”
HIFI’s spectacular record of monetary backers embody Quincy Jones, Diplo, 3LAU, G-Eazy, Coran Capshaw (Crimson Mild Administration), Michelle Jubelirer (Capital Music Group), Michael McDonald and Jonathan Eshak (Mick’s Administration), in addition to Jason Ve and Rob Stevenson (300.)
Apart from its music firm acquisitions, Block owns two cryptocurrency firms with open-source platforms: Spiral and TBD.