Home Music Business Sprint To Purchase 33% Stake In Tidal

Sprint To Purchase 33% Stake In Tidal

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It’s not been a good couple of years for Tidal.

From competitors growing in numbers as it flounders; to the internal problems; to a class action lawsuit for not having Kanye West’s TLOP as a Tidal Exclusive; to the multi-million dollar lawsuit with Prince’s estate; to the recent allegations of fake paid subscriber totals – it just seemed that hardly any good news was around the corner.

But here’s something.

Sprint is to buy a 33% state in Tidal.

According to MBW, the sale will cost Sprint $200 million since Tidal is valued at around $600 million. Due to the sale, Sprint’s CEO, Marcelo Claure, will join Tidal’s board of directors.

The streaming service has also signed a deal with Sprint to “make exclusive content that will only be available to current and new Sprint customers.”

In a statement Claure said:

“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.

“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.” Read more…

With 45 million customers worldwide, Sprint might actually be making a long term play at Tidal.

(Image Source: Tidal.com)

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