Jay-Z’s Tidal music streaming service was the butt of many jokes over the past few years as its subscriber base pales in comparison to Spotify and Apple Music.
Now, however, the only one laughing is Jay-Z as United States wireless carrier Sprint has announced it will buy 33 percent of Tidal, a $200 million stake.
Sprint Chief Executive Marcelo Claure will join Tidal’s board, and the company will receive exclusive content from the streaming service, which Sprint plans to distribute to its 45 million retail customers.
Jay-Z, who purchased Tidal for approximately $56 million back in 2015 clearly knows what he’s doing, as he and each of Tidal’s two dozen artist-owners will remain part owners as part of the deal.
