Sprint takes 33 Percent Stake in Jay Z’s Tidal

Sprint Corporation (NYSE: S) has announced that it will buy 33 percent of Tidal, Jay Z’s streaming music service. The deal will cost the U.S. wireless carrier $200 million. Jay Z and 24 other artist owners will remain as part-owners of Tidal. Sprint’s customers will now have access to Tidal as CEO Marcelo Claure will be joining 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, share potential. Marcelo understood our goal right away and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience,” Jay Z said in a statement.

Claure said, “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. 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.”

Streaming-only has become eligible to receive Grammy Awards in 2015 as it was the first year that streaming was the biggest source of recorded music revenue within the United States.

Leave a Comment