A new era of Tidal has come upon us, as the phone service provider company Sprint just purchased a third of Tidal. Billboard reported the deal cost Sprint up to 45 million, but now “post and prepaid” Sprint customers can receive access to Tidal and according to a press release, and will be able to jump on promotions exclusive to Sprint users. A new marketing fund of a whopping $75 million will be used to support different artist initiatives and more exclusive content.
In a statement about the purchase, owner and creator of Tidal Jay Z said “Sprint shares our view of revolutionizing the creative industry to allow artists to connect directly with their fans and reach their fullest, shared potential. Marcelo understood our goal right away and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience.”
“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 Spring CEO Marcelo Claure. “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.”
The deal follows major losses, as Tidal reported a total of $28 million in net loss during 2015. More trouble for Tidal was lurking when Jay Z also sued the previous owners of Tidal, claiming “inflated subscriber totals when negotiating their $56 million deal.” Hopefully the Sprint purchase will mark a turn in the tides for music sharing website Tidal, marking the beginning of a successful business and music venture. Fingers crossed Jay!