Block Acquires Music Financial Services Startup HIFI | Rising Star Giveaway - Reward 10000 (+5000) Starbits (Ends 14 October UTC)
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.
To participate in today's giveaway, just leave a comment and answer the question of the day. In addition, comments containing at least 2 sentences (20 words) will earn an additional +5000 Starbits. Also I won't accept one or two word and irrelevant comments. Good luck.
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Results of Last Giveaway
The post that is the subject of the giveaway : Click for the post
Congratulations @jfang003 your reward has been sent.
- Transaction TX : 47e150a9e8ebc2535a7497434eed66a9d4ee5336
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@rtonline
Posted Using InLeo Alpha
Not the least idea why Block acquired HIFI🤔. It's the first time I see the name of this company. About one of my favourite songs: Jerusalema by Master KG and Nomcebo Zikode🐣
!PGM
@pousinha
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thanks
@henruc
Block (formerly Square) acquired HIFI, a music-focused fintech startup, to further its mission of economic empowerment and expand its music company portfolio.Block's interest in both the music industry and the crypto industry reflects the belief in the growth potential of both sectors, with expectations that the music industry will increasingly embrace the crypto market in the future.
Exactly. Good luck !PGM
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The tokens that the command sends are: 0.1 PGM-0.1 LVL-0.1 THGAMING-0.05 DEC-15 SBT-1 STARBITS-[0.00000001 BTC (SWAP.BTC) only if you have 2500 PGM in stake or more ]
5000 PGM IN STAKE = 2x rewards!
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Thanks for the giveaways. Please count me in.
I don't have any insight as to why Jack Dorcey does anything. Maybe he is a music fan or at least thinks it's a good business to get into.
Good luck, all.
@tinyputerboy
We'll wait and see.
you're welcome. Good luck..
!PIZZA
count me in @jfang003
I am not sure but maybe he sees some opportunity involving music. Maybe for movies or games.
Thanks for the reward
Maybe, we'll wait and see what he does. you're welcome !PGM
BUY AND STAKE THE PGM TO SEND A LOT OF TOKENS!
The tokens that the command sends are: 0.1 PGM-0.1 LVL-0.1 THGAMING-0.05 DEC-15 SBT-1 STARBITS-[0.00000001 BTC (SWAP.BTC) only if you have 2500 PGM in stake or more ]
5000 PGM IN STAKE = 2x rewards!
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Count me @nietokilll
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Congratulations @jfang003! Count me in for another round, please! Thank you so very much!
It I were to hazard a guess, I wound say asset diversification, as finance and music are two huge and very profitable domains. The more diverse our portfolio, the more stable our profits would be over time, just like here on Hive. 😁 🙏 💚 ✨ 🤙
@tydynrain
Count me in
IGN @olaf.gui
I don't have any idea so one of my favorite songs is Chaga from Ornatos Violeta (Portuguese group).
Good luck. !PGM !CTP
BUY AND STAKE THE PGM TO SEND A LOT OF TOKENS!
The tokens that the command sends are: 0.1 PGM-0.1 LVL-0.1 THGAMING-0.05 DEC-15 SBT-1 STARBITS-[0.00000001 BTC (SWAP.BTC) only if you have 2500 PGM in stake or more ]
5000 PGM IN STAKE = 2x rewards!
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please count me in
@akiraymd
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Count me in ^^ @subidu
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i think to integrate it's payment and e-commerce solution as HIFI tracks royalties.
!ALIVE
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Count me in
@stamato
Hi stamato, I recommend you read the rules to earn an extra Starbits.
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@rayius
i have no clue bro... but hey, linkin park, crawling! i like that song
!CTP !PGM Good luck.
Good luck to all
@joseal2020
I don't really know why Block bought HFI, I speculate that it was to expand the portfolio of music companies it currently owns.
I think so too, but long term plans may be different. !PGM !CTP
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it is interesting to see where this venture will go through
I think so too. we'll wait and see. !PIZZA
Interesting. So many have tried to make things better for independent musicians. Let's hope this moves things forward.
I hope so. !PIZZA !PGM !CTP
BUY AND STAKE THE PGM TO SEND A LOT OF TOKENS!
The tokens that the command sends are: 0.1 PGM-0.1 LVL-0.1 THGAMING-0.05 DEC-15 SBT-1 STARBITS-[0.00000001 BTC (SWAP.BTC) only if you have 2500 PGM in stake or more ]
5000 PGM IN STAKE = 2x rewards!
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Support the curation account @ pgm-curator with a delegation 10 HP - 50 HP - 100 HP - 500 HP - 1000 HP
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I have no idea. My favourite song is "I'm Alive" by Celine Dion
Count me in.
IGN: @vaynard86
!Gif thank you
Via Tenor
!PGM Good luck.
BUY AND STAKE THE PGM TO SEND A LOT OF TOKENS!
The tokens that the command sends are: 0.1 PGM-0.1 LVL-0.1 THGAMING-0.05 DEC-15 SBT-1 STARBITS-[0.00000001 BTC (SWAP.BTC) only if you have 2500 PGM in stake or more ]
5000 PGM IN STAKE = 2x rewards!
Discord
Support the curation account @ pgm-curator with a delegation 10 HP - 50 HP - 100 HP - 500 HP - 1000 HP
Get potential votes from @ pgm-curator by paying in PGM, here is a guide
I'm a bot, if you want a hand ask @ zottone444
count me in
!PIZZA
!ALIVE
!WINE
@rtonline! You Are Alive so I just staked 0.1 $ALIVE to your account on behalf of @ kryptof. (1/10)
The tip has been paid for by the We Are Alive Tribe through the earnings on @alive.chat, feel free to swing by our daily chat any time you want, plus you can win Hive Power (2x 50 HP) and Alive Power (2x 500 AP) delegations (4 weeks), and Ecency Points (4x 50 EP), in our chat every day.
Hi kryptof, I recommend you read the rules to earn an extra Starbits.