Published Jan 23, 2017Though Tidal has been through its fair share of adversity, Jay Z's streaming service now has more ownership stability moving forward, with American wireless provider Sprint having purchased a 33 percent stake in the company.
Billboard reports that the deal cost the mobile company $200 million USD, and that Jay Z and each of the company's "artist-owners" will still keep their personal ownership stakes. The streaming service will now be available to Sprint's 45 million customers, while Sprint CEO Marcelo Claure will also join Tidal's board of directors.
The two companies will partner for exclusives from Tidal artists, in addition to creating a "dedicated marketing fund," which will have an annual budget of $75 million USD dedicated to those projects.
"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 told Billboard. "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."
In a statement, Jay Z said, "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 news comes not long after Tidal announced they would be offering "master" quality recordings for its HiFi subscribers.