Sprint Buys 33 Percent Of Jay Z's Tidal
Mon, 23 Jan 2017 12:00:40
Jay Z Videos
Jay Z's streaming service Tidal, and telecommunications company Sprint entered into a new partnership today that will provide 45 million Sprint users with access to Tidal along with exclusive content from the platform. Sprint paid approximately $200 million for their share in Tidal, and in turn have acquired a 33 percent stake in Tidal, and the company's CEO, Marcelo Claure, will sit on Tidal's Board of Directors.
Marcelo Claure praised Jay Z and Tidal in a statement saying, "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."
Jay Z said in a statement, "Sprint shares our view of revolutionizing the creative industry to allow artists to connect directly with their fans and reach their fullest, shared potential. Marcelo understood our goal right away and together we are excited to bring Sprint's 45 million customers an unmatched entertainment experience."
The partnership will not cause any change for Tidal's current users.
It has also been reported that the partnership includes the creation of a "dedicated marketing fund," which will have an annual budget of $75 million solely for the artist initiatives and exclusives.
—The ARTISTdirect Staff