A US telco giant has bought a 33% stake in Jay Z’s music streaming platform TIDAL, driving the value of the slow growing venture to $US600 million ($791 million).
Telecommunications provider Sprint has reportedly bet $US200 million ($264 million) on the unprecedented deal, according to Billboard.
As a result, Sprint’s 45 million customers across America will score unlimited and exclusive access to TIDAL, which features over 40 million songs and 140,000 videos from artists like Rihanna and Kanye West.
So the next time Beyonce drops an album, these lucky punters won’t miss out.
The partnership will also see the establishment of a $US75 million ($99 million) marketing fund for artists to connect with fans and promote new content.
“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 Sprint chief executive Marcelo Claure in a statement.
“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.”
It’s an interesting step forward for the music streaming platform, but Jay Z remains positive.
“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.
“Marcelo understood our goal right away.”
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Dinushi is a journalist at SmartCompany.
