On January 23rd 2017, Sprint, the fourth largest cell phone carrier in the US, announced that it had bought a 33% share of the music streaming service, Tidal. Tidal is the music service that is owned by Rap music mogul Jay Z, along with several other prominent recording artists. Sprint paid Jay Z and his partners $200 million for their stake in the streaming service, and Sprint's CEO, Marcelo Claure will become a member of Tidal's board of directors.
The deal with Tidal will make exclusive content available to Sprint's 45 million retail customers. As part of the deal, Sprint will use $75 million to set up a marketing fund that will assist artists in producing the exclusive content. Tidal artists will be able to share their work with and for their fans. Jay Z bought Tidal in 2015 from Swedish company, Aspiro AB for $56 million. Tidal is estimated to have one million subscriber.
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