Sprint Acquires 33% of Jay Z’s TIDAL for $200 Million

Posted: January 23, 2017 by Ismael AbduSalaam in Music News
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The TIDAL customer base just added 45 million customers. In an unprecedented deal, Sprint has acquired a 33% stake in Jay Z’s TIDAL for $200 million, allowing Sprint’s retail customers free access to the streaming service.

Announced as a “partnership,” Jay Z and the other artist-owners of the TIDAL brand will still oversee the service. Sprint will offer its 45 million customers unlimited access to TIDAL in addition to exclusive artist content. Sprint’s chief executive officer, Marcelo Claure, will join TIDAL’s Board of Directors.

โ€œSprint shares our view of revolutionizing the creative industry to allow artists to connect directly with their fans and reach their fullest, shared potential,โ€ said Jay Z in a prepared statement. โ€œMarcelo understood our goal right away and together we are excited to bring Sprintโ€™s 45 million customers an unmatched entertainment experience.โ€

TIDAL currently boasts a catalog of 42.5 million songs and is available in over 52 countries. Jay Z originally purchased the brand three years ago for $56 million.

โ€œJay 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,โ€ saidย Claure. โ€œThe 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.โ€

At press time, a date has not been announced on when TIDAL will be available to Sprint customers.

 

 

 

 

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