Sprint Buys Stake in Jay-Z's Tidal Music Service
The celebrity-owned streaming music service will be available to Sprint subscribers.
It was announced on Monday that Sprint (S) - Get Report bought a 33% stake in Tidal and will offer its streaming music service to its 45 million customers.
Jay-Z, Tidal's co-founder, and its dozen plus artist-owners will continue running it and Sprint's CEO, Marcelo Claure, will 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 in a statement.
In 2015, Tidal reported net losses of $28 million but saw an influx of users after Beyoncé made her 2016 album, Lemonade, available exclusively on the service.
This article was written by a staff member of TheStreet.
