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.
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