The company announced this morning that it has purchased a 33% stake in Jay Z’s streaming service Tidal.
According to Billboard, Sprint bought into Tidal for a whopping $200 million.
Under the deal, Sprint’s 45 million retail customers will have access to the streaming service.
“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,” [Sprint CEO Maurice] Claure said 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.”
Another aspect of the partnership includes the creation of a “dedicated marketing fund,” which a source says will have an annual budget of $75 million solely for the artist initiatives and exclusives. For those who already subscribe to Tidal, estimated to be around one million people, there will be no change in the existing service.
“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 and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience.”