And everyone said it was failing.
Jay Z’s music streaming platform, Tidal, is set to get a new part owner. American phone network Sprint has announced intentions to buy a third of the company from Hov.
Sources say the company paid a cool $200 million for their stake in the company. Jay Z will remain part owner, as will Rihanna, Calvin Harris, Usher, Beyonce and the rest of the 12 music artists that own the company.
The new partnership may be the boost the streaming service needs to finally compete with Spotify and Apple Music. Hov and the other owners will remain in charge of running the show, while Sprint’s chief executive will join the company’s board.
Sprint’s decision to invest comes at a time when the company has decided to focus on a more content driven marketing scheme. In a time when wireless networking is more advanced than ever, companies are thinking outside of just network speed to entice new customers. Soon, every Sprint customer will have access to Tidal as well as “exclusive artist content”.
Since the deal came to light, Sprint’s stock rose 3.4% in just one day.
Jay Z is all about the business ventures at the moment (which may explain why it’s been so long since we’ve had a Jigga album). Recently he made a $40 million bid acquire the rights to Prince’s unreleased music. He was later sued by Prince’s estate.