Sprint announced that it acquired a 33% stake in Tidal, the streaming music service it intended to compete with Spotify created by rapper Jay-Z and other well-known artists.
The operation will give Tidal access to the 45 million Sprint customers, who will be able to listen through the content service created exclusively for them, the companies said in a joint statement. Even after this acquisition, Jay-Z will continue to lead the company, but the operator Sprint customers will have access to exclusive content. As confirmed on the official blog, the 45 million Sprint customers will have unlimited access to several exclusive music content Tidal.
In practice, Sprint will support the artists with marketing investments that will provide users with these unique content. The announcement comes on the heels of other voices on the acquisition of Tidal that have affected Apple, Samsung, Google and Spotify. The strength of Tidal has always been to exclusive content, obtained through personal relationships between them, and Jay-Z.
The great novelty of the service was that its owners were the artists themselves, in an attempt to create a new model for the distribution of songs and music videos. His big claim so far was the exclusive releases of several albums by some of the most successful musicians in the world, but according to media Tidal numbers are still far from the most popular streaming platforms.
The companies did not give details on the numbers of the operation, but according to Billboard Sprint would have paid US $200 million for the participation. In addition, the operator will establish a fund for the promotion of artists, which according to the magazine will be endowed with US $ 75 million a year.