Music streaming service company Tidal, owned by rapper Jay Z has today announced its exclusive partnership with American telecommunications company, Sprint. Tidal which was bought 2 years ago by Jay Z for $56 million has sold one-third of its stake in the company.
The two companies announced the exclusive partnership on Monday. The deal will see the group of artist owners; Beyonce, Madonna, Kanye West, and Alicia Keys remain as members of the board along with the Chief Executive Officer of Sprint, Marcelo Claure. Although no financial details were mentioned, the deal is rumoured to be worth $200 million.
Via an official statement release by Tidal, Jay Z said; “Sprint shares our view of revolutionising 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.”
“Jay Z 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 unrivalled in quality and content,” Claure said in the release.
“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.”
The partnership allows Sprint subscribers of over 45 million, access to the streaming service with additional content. The partnership comes as a welcome development for Tidal after a report by legal findings stated that the company lost $28 million in 2015.