Jan 24, 2017 09:06 AM EST
Sprint has acquired a 33 percent stake in the upstart music streaming service owned by Jay Z, Tidal. The deal of the companies establishes a partnership that will extend the service of Tidal to Sprint's 45 million customers.
It has been said that the financial terms of the deal were not disclosed, but a source told Billboard that the American telecommunications holding company paid $200 million for the privilege. A representative of the companies confirmed that Jay Z, along with superstar co-owners Rihanna, Madonna and Beyoncé, will retain part ownership in Tidal.
Based on the press release, the artist-owners of the subscription-based music streaming service will now make some content exclusively for the customers of Sprint, while Jay Z will continue to run the Tidal music streaming service. Details on how Sprint customers will access Tidal and the service's premium features, are covered under the collaboration which will be announced soon.
Jay Z said in a statement that Sprint shares their view of revolutionizing the creative industry to allow artists to link directly with their fans and reach their shared potential. Jay Z also said that CEO of Sprint Marcelo Claure, understood their goal right away and together they are excited to bring the 45 million customers of Sprint to an unmatched entertainment experience.
In spite of that, Tidal claims that their company has 42.5 million+ song catalog, 140,000 high-quality videos and the music streaming service is live in over 52 countries. Tidal differentiates itself from other streaming services, such as Spotify, as the company doesn't offer a free tier of service, Tech Crunch reported.
Basic Tidal services will cost $9.99 per month, and the high-definition audio quality costs $19.99. Both come with music exclusive to the subscription-based music streaming service. In addition, Tidal claimed 3 million subscribers in March 2016.
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