Through this deal, Sprint acquired 33 percent of TIDAL, leaving the rest to Jay Z and artist-owners like Beyoncé, Kanye West, Alicia Keys, and Nicki Minaj. The deal cost Sprint $200 million, according to Billboard.
Sprint’s CEO, Marcelo Claure, will also join TIDAL’s Board of Directors as part of this move, which Hov is happy about.
“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 statement. “Marcelo understood our goal right away and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience.”
Jay Z purchased TIDAL from Aspiro AB for $56 million in 2015. Since then, the company has soared and struggled. While artist exclusives like Beyoncé’s LEMONADE and Kanye West’s The Life of Pablo have given the platform a competitive edge over rivals Apple Music and Spotify, it has also faced some challenges.
Shortly after buying TIDAL, Jay countered criticism by revealing the company’s mission. “We are here for the long haul,” he wrote. “Please give us a chance to grow & get better.”