NEW YORK and OVERLAND PARK, KS – U.S. telecom giant Sprint is buying 33% of music streaming service Tidal, and will offer unlimited access to exclusive content to Sprint's 45 million retail customers, the two companies said Monday.
The value of the stake was not disclosed. Majority owned by musician and businessman Jay Z, Tidal offers high-fidelity, CD sound quality music; high resolution video; and exclusive content from popular musical artists. The service is available in some 52 countries, with more than a 42.5 million song catalog and 140,000 videos.
Jay Z and the artist-owners will continue to run Tidal's artist-centric service, reads the news release. Sprint's CEO Marcelo Claure will also join Tidal's board of directors. The deal aims to grow customers on both platforms by offering exclusive access for customers who subscribe to Tidal.
"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, in the release. "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."
"Sprint shares our view of revolutionizing the creative industry to allow artists to connect directly with their fans and reach their fullest, shared potential," added Jay Z. "Marcelo understood our goal right away and together we are excited to bring Sprint's 45 million customers an unmatched entertainment experience."
