Jack Dorsey is interested in Jay-Z’s streaming service.

Back in 2014, audio-video streaming service Tidal was founded by a loose coalition of prominent musicians, including Jay-Z, Coldplay, Rihanna, Daft Punk, and Madonna. The intent of this service was to serve as a counter to other major audio streaming services while providing high quality sound and exclusive content from the artists themselves. Sadly, since then, the service has severely stagnated, failing to secure any exclusive content and stalling out on subscribers. Tidal is still behind on several of its payments as of last year, though their newest investor may help to remedy that.

Square, Inc., owned and founded by Twitter CEO Jack Doresy, has purchased a “significant majority ownership stake” in Tidal for a $297 million price tag. While Square will effectively own the company now, it will operate as an independent entity. When asked on Twitter about this acquisition, Doresy said that the purpose was to find “new ways for artists to support their work.”

“Given what Square has been able to do for sellers of all sizes and individuals through Cash App, we believe we can now work for artists to see the same success for them, and us,” Dorsey tweeted. “Square created ecosystems of tools for sellers & individuals, and we’ll do the same for artists. We’ll work on entirely new listening experiences to bring fans closer together, simple integrations for merch sales, modern collaboration tools, and new complementary revenue streams.”

More from us soon. In the meantime, here’s a playlist from Jay/@sc celebrating artists and the entrepreneurial spirit: https://t.co/qg9av9Bmzt

— jack (@jack) March 4, 2021

As a part of the deal, Jay-Z will be formally joining Square’s board of directors. “I said from the beginning that Tidal was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers,” he said in a press statement. “Artists deserve better tools to assist them in their creative journey. Jack and I have had many discussions about Tidal’s endless possibilities that have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board. This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”