Telecoms company Sprint has acquired a 33% share of Jay Z’s streaming service Tidal.
Sprint will now look to make Tidal available to its mobile customer base, which currently totals around 45 million people. As part of the deal, Sprint CEO Marcelo Claure will join Tidal’s board of directors.
In a statement, the companies said: “Tidal and its artists will make exclusive content that will only be available to current and new Sprint customers.”
The service will likely cost Sprint users $9.99 per month, with Tidal set to ramp up its efforts to provide exclusive artist content for its customers.
“Sprint shares our view of revolutionising the creative industry to allow artists to connect directly with their fans and reach their fullest, shared potential,” said Jay Z. “Marcelo understood our goal right away and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience.”
“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 unrivalled in quality and content,” added Claure. “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 fee for the 33% stake has not been disclosed.
