Square is said to have discussed the acquisition of Jay-Z’s Tidal Service

The tide app.

Photographer: Andrew Harrer / Bloomberg

Square Inc., the digital payment company run by Jack Dorsey, has held talks on acquiring music streaming service Tidal as part of a push to diversify, according to a person familiar with the situation.

Dorsey has discussed a potential deal with Jay-Z, the rapper and music mogul who bought Tidal for $ 56 million in early 2015, said the person who asked not to be identified because the talks were private. The negotiations may not result in a transaction.

Square and Twitter CEO Jack Dorsey speak at the Empowering Entrepreneurs Event

Photographer: Cole Burston / Bloomberg

Square declined to comment, while Tidal did not respond to requests for comment.

Tidal, first launched in 2014, has struggled to keep up with other streaming services, including Spotify Technology SA and Apple Music. Jay-Z’s own music has been a lure to the platform, but he put his songs back on Spotify last year – raised questions about Tidal’s health. The close-knit service has not reported subscriber numbers since saying it had 3 million paying customers in 2016.