TIDAL has sold 33% of its stake to mobile phone carrier Sprint, a deal worth roughly $200 million. JAY Z and all of the original owners will remain with a stake in the streaming service and the app should be broadcasted to all 45 million of its customers soon. Also, Sprint CEO Marcelo Claure will join the TIDAL board of directors.
The best part of the deal for TIDAL is the fact that they will have a “Marketing Fund” that is estimated at about $75 million, for the sole purpose of artist initiatives and exclusives.
“Sprint shares our view of revolutionizing 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
(The Wrap-Up Magazine) TIDAL is the first music service with High Fidelity sound quality, High Definition music videos and Curated Editorial, expertly crafted by music journalists. Apple is exploring the possibility of buying Tidal to boost its Apple Music streaming service, eyeing Tidal's strong affiliation with subscriber-attracting major artists such as Jay Z, Beyonce, and Coldplay.
Jay Z unveiled Tidal at a press conference in late March, flanked by 15 of the biggest acts in the music business, including his wife, Beyoncé. Tidal is a subscription-based music streaming service that combines lossless audio and high definition music videos with curated editorial. Jay Z's Tidal streaming service celebrated reaching the 1-million subscriber milestone with a splashy all-star concert.