Square Acquires Tidal - Daily Crunch

Daily Tech Roundup: March 4, 2021

Significant developments occurred today, including Square’s acquisition of a controlling interest in Tidal, enhancements to WhatsApp’s desktop application, and further funding secured by Hopin. This summarizes the key events in today’s tech landscape.

Square’s Acquisition of Tidal

Square announced the completion of a deal to acquire a majority stake in Tidal, the music streaming platform established by Jay-Z. This pairing initially appears unconventional, a point acknowledged by Square CEO Jack Dorsey via a social media post questioning the synergy between a financial services company and a music streaming service.

Dorsey explained the rationale, stating the core principle is to discover innovative methods for artists to financially benefit from their creations. He believes that groundbreaking concepts emerge at the intersection of different industries, specifically highlighting the potential connection between music and economic systems. Supporting artists financially mirrors Square’s efforts to empower sellers.

The transaction involves a payment of $297 million in cash and stock, and will see Jay-Z appointed to Square’s board of directors.

Updates from Tech Giants

WhatsApp has integrated voice and video calling functionality into its desktop application. This update aims to alleviate the need for users to switch to their mobile devices when receiving WhatsApp calls while working on a computer.

The Apple App Store is now facing antitrust investigation in the United Kingdom. The U.K.’s Competition and Markets Authority initiated the investigation following complaints from developers regarding potentially unfair conditions.

Google is accelerating its release schedule for the Chrome browser. This mirrors a similar move by Mozilla, which adopted a four-week release cycle for Firefox last year.

Startup Funding and Venture Capital News

Hopin has confirmed a $400 million funding round, resulting in a company valuation of $5.65 billion. This represents another rapid funding event for the company.

Coursera is preparing to submit its initial public offering (IPO) filing tomorrow. The company has been in discussions with underwriters for the past year, and this filing marks a significant step towards becoming a publicly traded entity.

Aero, a startup specializing in luxury air travel, has secured $20 million in funding. The company positions its service as “semi-private” air travel.

Extra Crunch Insights

Analysis focuses on the future of Box amidst potential activist investor involvement. The company, despite its potential, is experiencing decelerated growth.

A review of ThredUp’s IPO filing reveals slow growth alongside a changing business model. ThredUp is a marketplace for used goods preparing to enter the public market following Poshmark’s successful IPO.

(Extra Crunch is a membership program designed to assist founders and startup teams. Sign-ups are available here.)

Additional News

SITA, a global air transport data provider, has reported a data breach affecting airline passenger systems. The breach compromised passenger data.

An exploration of successful creator-brand collaborations. The article examines the factors contributing to creator success and outlines effective strategies for brand partnerships.

The judges for the Early Stage Pitch-Off have been announced. TechCrunch will showcase 10 promising startups from around the world at the Early Stage Pitch Off on April 2.

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