Rapper Jay-Z is regarded as one of the richest and business-conscious artistes, and he just added a lot of money to his net worth.
Jay-Z owns music streaming service Tidal, and on Monday sold 33% of the company to wireless carrier Sprint. The deal reportedly cost Sprint $200 million.
Hov said after the deal was announced: “Sprint shares our view of revolutionizing the creative industry to allow artists to connect directly with their fans and reach their fullest, shared potential.
“[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.
“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.”
Tidal hasn’t found it easy competing with streaming giants like Apple Music and Spotify, and this new deal suggests that brighter days may be ahead for the service.