Jay Z's TIDAL Sells 33 Percent Stake to Sprint
Jay Z once again proves he’s a business, man. Following rumors regarding various deals, Shawn Carter’s TIDAL has officially announced a new partnership with Sprint, bringing exclusive content to the phone company’s 45 million customers.
Through this deal, Sprint acquired 33 percent of TIDAL, leaving the rest to Jay Z and artist-owners like Beyoncé, Kanye West, Alicia Keys, and Nicki Minaj. The deal cost Sprint $200 million, according to Billboard.
Sprint’s CEO, Marcelo Claure, will also join TIDAL’s Board of Directors as part of this move, which Hov is happy about.
“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.”
1/ Big partnership news! Today, @Sprint is acquiring 33% of @TIDALHiFi https://t.co/hlRu82JG7D pic.twitter.com/mmTe648FiR
— MarceloClaure (@marceloclaure) January 23, 2017
2/ Importantly, @TIDALHiFi’s artist-owners will continue to run the service, to maintain that direct connection between artist & fan. pic.twitter.com/csmWYwNKBI
— MarceloClaure (@marceloclaure) January 23, 2017
Claure was also excited about the move, complimenting S. Carter on his ability to innovate. “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,” he said. “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 purchased TIDAL from Aspiro AB for $56 million in 2015. Since then, the company has soared and struggled. While artist exclusives like Beyoncé’s LEMONADE and Kanye West’s The Life of Pablo have given the platform a competitive edge over rivals Apple Music and Spotify, it has also faced some challenges.
Shortly after buying TIDAL, Jay countered criticism by revealing the company’s mission. “We are here for the long haul,” he wrote. “Please give us a chance to grow & get better.”