While Jay Z remains quiet on the music front, he continues to make moves in the business world.
His latest money move was announced early Monday morning as wireless carrier Sprint is set to acquire 33% of Tidal, Hov’s music streaming service. Sprint reportedly coughed up $200 million for the stake, which is set to bring the service to its 45 million customers.
“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 statement. “[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.”
Claure added, “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. 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.”
One of Tidal’s main selling points upon its announcement was that the artist-owners were properly compensated. With Sprint’s buy-in, none of that will change.
Estimated by Billboard to boast an annual budget of $75 million, the partnership will give participating artists the “flexibility to create and share their work” with subscribers.
It sounds like more Tidal exclusives are on the way.
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