Jay Z‘s streaming service TIDAL finally received a huge boost as American telecommunications giant Sprint purchased a 33% stake in the business, valued at an estimated $200 million.
TIDAL had been struggling to acquire users as a result of its pricey and exclusive business model. Jay Z bought the Norwegian company in 2014 and tailored it to share revenue among artistes as opposed to other streaming services who retain a percentage for themselves.
Both Sprint and Apple had been rumoured to be interested in buying a stake in the company. However following a Kanye West Twitter rant where he claimed that Apple gave Jay Z cheque already, the company released a statement saying they had no interest in buying it at all.
The deal with Sprint will see Jay Z and each of the company’s two dozen artist-owners remain part owners.
There’ll be more on this story, later.
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