TL;DR Breakdown
- Tidal music to break into NFT space
- Why firm aims to break into NFT space
Tidal music, an audio streaming platform belonging to music star Jay Z and Twitter CEO, Jack Dorsey has hinted at breaking into the NFT and smart contract space.
Both business moguls revealed this plan on Monday while speaking at a conference hosted on Twitter. Jay Z and Jack explained why it is important for their platform (Tidal music) to empower artists. They mentioned NFTs, analytic tools smart contracts as some instruments that could be used to empower users of the platform.
NFT, Smart contract, blockchain; strategy to improve Tidal dwindling revenue
Jay Z and Jack hinted at using NFT and other Blockchain tools as an instrument to improve the dwindling revenue of Tidal music.
It is a reality that the platform is behind regarding recognition and revenue generation from similar platforms like Apple and Spotify.
Tidal generated $166 million in revenue compared to $2.8 billion and $7.44 billion generated by Apple and Spotify.
“What really dawned on me was how weak some of the toolsets 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,” Dorsey said.
“We want to open up all the information tools and simplify it for anyone — anyone can come onto the platform and create,” he added.
The Twitter CEO spoke about how revenue streams for NFT content, saying anything that can help artists “shine” is what they are considering.
Jay Z, on the other hand, discussed how smart contracts can help artists gain financial autonomy.
“It’s so many creative ways you can participate and let others participate. And it’s recorded there, so it’s very transparent, there’s no hiding behind any fancy words, and lawyers, etc.”
Recall that Square Inc acquired a $300 million majority ownership stake in Tidal back in March. Tidal acts as an independent business within Square as part of the agreement, with existing shareholders remaining as stakeholders.
