Jay Z bought Tidal 3 years ago for an investment of $56m. Which he has co-owned along with his wife Beyoncé, and other stake holders such as Usher, Rihanna, Nicki Minaj, Madonna, Dead Mouse, Kanye West, Jack White and Daft Punk!
And now Sprint, which is owned by Japan’s Softbank, are estimated to be paying around $200m (187m Euro) for a 33% stake in the company. So Jay Z will be making a tidy (pun intended) return on his initial investment.
This investment could help boost Tidal into to battle against Spotify and Apple Music, which between them are dominating the music streaming industry.
An official note from TIDAL stated: ‘Jay Z and and the artist-owners will continue to run TIDAL’s artist-centric service as it pioneers and grows the direct relationship between artists and fans.’
“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.
Marcelo Claure, Sprint’s chief executive officer, will also be joining Tidal’s Board of Directors.
“Marcelo understood our goal right away and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience.”
“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,” said Claure.
“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.”
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