Sprint Acquires 33% Of Jay Z’s Music Streaming Service TIDAL For A Reported $200 Million
TIDAL and Sprint are now in business together.
The two companies announced via a press release on Monday, January 23, that Sprint had acquired a 33% stake in Jay Z’s music streaming service.
As part of the deal, the telecommunications giant will reward it’s 45 million post and prepaid customers with access to TIDAL’s exclusive content. Sprint plans to also capitalize on the business arrangement by using it to lure new customers.
Sprint CEO Marcelo Claure
In addition, Sprint CEO Marcelo Claure, will join TIDAL’s Board of Directors.
“Sprint shares our view of revolutionizing the creative industry to allow artists to connect directly with their fans and reach their fullest, shared potential,” JAY Z said in a statement. “Marcelo understood our goal right away and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience.”
Financial particulars were not revealed in the press release, but Music Business Worldwide reports that it’s sources revealed that the sale cost Sprint around $200 million. TIDAL is valued at $600 million overall
“Jay saw not only a business need, but a cultural one, and put his heart and grit into building TIDAL into a world-class music streaming platform that is unrivaled in quality and content,” said Claure. “The passion and dedication that these artist-owners bring to fans will enable Sprint to offer new and existing customers access to exclusive content and entertainment experiences in a way no other service can.”
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