Block acquires music monetary providers startup Hifi


Jack Dorsey, the founding father of Block — which was Sq. — has now acquired Hifi, a music-focused fintech startup.

HiFi was launched within the US in 2020. Matt Pincus joined the HiFi board and have become an investor within the agency from MUSIC, a three way partnership with LinionTree.

HiFi Founder and Chief Government Officer Damian Manning stated on LinkedIn, “I couldn’t be extra excited to share that as of right this moment, HiFi is becoming a member of Block, furthering our shared goal of financial empowerment. We’re grateful to our traders, companions, and members for serving to us obtain this exceptional milestone. We’re thrilled about our future collectively!”

Damian Manning (HiFi) says that Hifi dubs itself a “monetary rights group” and says that he’s constructing progressive providers working in live performance to financially empower the creator class.”

Launched in 2020, Hifi was all about preserving the monetary rights of the artists and was thought of an financial, monetary rights group for these artists. All royalty earnings got here by means of a dashboard that might mixture massive knowledge from all distribution providers, together with music labels and Performing Rights Group.

We Have to be Higher at Paying Royalties to Artists and Creatives for Their Companies

As is well-known, many artists have their property stolen or used free of charge. Money Stream was born not too long ago as a part of the Hifi firm, with a royalty acceleration service. This service was based to pay artists a wage each month.

The second of Block’s investments, Hifi in 2023, follows the music streaming service Tidal, which was bought in 2021. Block saved Tidal from its monetary struggles. Nonetheless, AP Information‘ Chancellor Kathaleen Saint Jude McCormick stated that the acquisition of Tidal was a foul enterprise determination; nonetheless, Tidal is the dad or mum.

The Hifi music-focused fintech startup can be joined by Money App, the buy-now-pay-later platform Afterpay. That is Block’s premier cellular fee service.

In line with Block, “Block Inc. is an American multinational know-how conglomerate based in 2009 by Jack Dorsey and Jim McKelvey and launched its first platform in 2010. It has been traded as a public firm on the New York Inventory Trade since November 2015 with the ticker image SQ.”

Featured Picture Credit score: Reuters; Thanks!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Beforehand she labored because the Editor in Chief for Startup Grind and has over 20+ years of expertise in content material administration and content material improvement.


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