Jay Z’s TIDAL Deal With Sprint Just Made Him A Lot Of Money
Tidal doesn’t appear to be as dusty in 2017 as it was at launch. Thanks to exclusive content, thank-you festivals with headliners like Beyonce and original programing, Jay Z’s streaming service has amassed 45 million post and prepaid customers. That number is one that made executives at Sprint salivate, so much so they purchased 33 percent of TIDAL on Monday.
With that deal, TIDAL will produce content exclusively for current and new Sprint customers. “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. “Marcelo (Sprint CEO Marcelo Claure) 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,” Claure added in the same statement. “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 is said to be worth $200 million dollars. Considering Jay purchased the streaming service for $56 million, that’s one hell of a profit margin.