It’s official. After denouncing rumors for 2 years, Sprint has finally acquired a 33% stake in Jay-Z’s music streaming service, TIDAL.
The partnership will provide Sprint’s 45 million customers with “unlimited access” to exclusive artist content. Anyone with a preexisting Tidal subscription, meanwhile, will experience no change in their service.
“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 press release Monday. “[Sprint CEO] Marcelo [Claure] understood our goal right away and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience.”
A source close to the deal told Billboard Monday that the purchase was for an estimated $200 million and that all of Tidal’s two dozen artist-owners will remain aboard. As part of the deal, Tidal will become available to Sprint’s 45 million retail customers, while the companies will partner for exclusives from its artists, according to a press release.
“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 added. “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.”