Since purchasing it in 2015, JAY Z’s music streaming service TIDAL has received its fair share of praise and criticism. While memberships have increased since he took ownership, TIDAL has apparently taken huge losses in the process. Despite releasing a steady stream of “exclusives” which included Kanye West’s The Life Of Pablo and Beyoncé’s LEMONADE, the streaming service’s memberships have paled in comparison to its rivals Apple Music and Spotify.
Sprint is now hoping to change that.
Following rumors that Apple Music would purchase them (to which Apple Music’s Jimmy Iovine said, “Nah“), Sprint has announced that they have purchased a 33 percent stake in TIDAL today (January 23rd).
Bought for approximately $200 million, TIDAL is expected to be available for free to all of Sprint’s 45 million customers. Sprint’s CEO, Marcelo Claure, will also join TIDAL’s Board of Directors.
“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 via statement. “Marcelo understood our goal right away and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience.”
This may give TIDAL a legitimate leg in the so-called “streaming wars.”