Jay Z Sells a Tidal Share to Sprint for $200 Million
Though we haven’t heard much from Jay Z, he’s been making major boss moves behind the scenes.
This morning, Tidal announced that Sprint purchased 33 percent of their stakes, which is $200 million, according to sources. Jay Z and various artist-related owners will remain shared owners in Tidal.
According to a Billboard report, Tidal will now be available to Sprint’s 45 million retail customers, both the companies will continue the tradition of releasing exclusives from its artist. Sprint’s CEO Marcelo Claure will now join Tidal’s board of directors.
“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,” Claure said in a statement. “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.”
For those that are worried about a change in Tidal, there is no need. In addition to their partnership, there is an inception of a “dedicated marketing fund,” with a projected yearly budget of $75 million to ensure that Tidal will receive artist exclusives.
“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 offered 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.”
Additional details about this partnership are expected to be released soon.
Congrats to Jay Z for this major deal!