Photo credit GettyImages / Jamie McCarthy
If you’re a sprint owner get ready for an all new music experience. Tidal’s owner, rapper, and mogul Jay-Z announced today that Sprint would be taking 33 percent of the company.
“Sprint shares our view of revolutionizing the creative industry to allow artists to connect directly with their fans and reach their fullest, shared potential,” said Jay-Z in a statement.
Making this deal with sprint means that Jay-Z will make a return on the initial $56m investment he made when he bought Tidal from Norway’s Aspiro in 2015.
The company which he shares with wife Beyonce and other artists like Madonna, Rihanna, Daft Punk, and Kanye West, is putting itself in the position to compete with top streaming service’s Spotify and apple music.
Tidal which has a 42 million song catalogue and is available in 52 countries, is giving sprint users the opportunity to have access to exclusive Tidal content.
This news comes after a Norwegian company released a statement saying that Jay and his team may have been inflating their subscriber numbers.
A report from last year showed TIDAL had a “net loss of $28 million” in its first-year under Jay-Z and other artists’ ownership, but with his new partnership with sprint he will have the opportunity to make that back.