Block (formerly Square), the fintech company founded by Twitter co-founder Jack Dorsey, has acquired HIFI, a music-focused fintech startup. Although financial details have not yet been disclosed, the deal was closed on Tuesday, October 10, according to a person with knowledge of the transaction. Hifi founder and CEO Damian Manning announced the news in a LinkedIn post.
Launched in 2020 with backers like Diplo, Quincy Jones , 3LAU and G-Eazy, HIFI operates as a financial rights organization for artists, allowing clients to track royalty income from multiple sources, including publishers, distributors and Performing Rights Organizations (PROs).
Block is known for its payment and e-commerce solution software Square and Cash App, it also acquired TIDAL from Jay-Z for approximately $300 million in 2021, and is further expanding its music company portfolio with the acquisition of Hifi. Additionally, it boasted $10.5 billion in revenue in the first half of 2023.
HIFI made the following statement regarding the acquisition, "We’re thrilled to announce that as of today, HIFI is joining Block, Inc. (formerly Square, Inc.) to further our shared purpose of economic empowerment with the financial technologies and services we have built to help artists thrive. Block has long worked to create economic access across its ecosystems, and through its TIDAL business, is focused on serving artists at every stage in their career."
Besides its music companies, Block also owns crypto companies Spiral and TBD.
I think it is smart for Block to be interested in both the music industry and the crypto industry, because I think both sectors will grow further in the future. I also believe that from a financial perspective, the music industry will become more involved in the crypto market in the future.
Question of the Day : Why do you think Block acquired HIFI? If you don't have an answer to this question, you can mention a favorite song of yours in the comment.
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