Rapper Shawn Carter, also known as Jay- Z, has recently made more than $500 million dollars since February, selling his streaming platform Tidal and Armand de Brignac Champagne.
This luxury Champagne, purchased in 2014, quickly rose to fame through Jay- Z marketing in his music, influence throughout the music industry, and its intriguing bottle design and color. Although it is unknown what this brand was purchased for, it is undeniable that Jay – Z is the reason for its current success. Depending on the bottle, the price of this champagne ranges from $300 to a $1,000.
Moet Hennessy’s partnership with Ace of Spades benefits the company with its international distribution that will continue to grow the company globally and take it to the next level.
On February 22, 2021, Moet Hennessy announced a fifty percent partnership deal with Jay- Z’s Armand de Brignac Champagne, publicly known as Ace of Spades. According to Forbes, Jay had received up to $300 million dollars from Moet Hennessy for half the ownership.
Furthermore, a week later on March 4, 2021, Jay- Z sold Tidal for $297 million dollars to Twitter CEO Jack Dorsey’s company Square, in a significant majority ownership stake. This deal also added Jay- Z to Square’s board of directors, where Tidal will operate independently.
Originally acquiring this streaming platform for $56 million in 2015, Jay -Z has turned Tidal into the only major streaming platform that has artist owners as shareholders.
The artist owners of shareholders include Kanye West, Madonna, Lil Wayne, Daft Punk and an array of other big names, who will earn a percentage of money earned from streaming.
According to his Twitter account, Jay- Z states, “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. Artists deserve better tools to assist them in their creative journey.” He also discussed his relationship with Dorsey and how this deal will help elevate Tidal’s brand.
This benefits Tidal because Square will be able to supply Tidal with the resources they need in order to compete with its competitors, Spotify and Apple Music.
Jay- Z is easily one of the wealthiest rappers of all time, and he continues expand his brand through business deals and acquisitions. If you wish to learn more about Jay Z Tidal and Champagne deal you can find more details on the Forbes website as well as on his Rocnation website.