Sprint Acquires 33% of Tidal
The cellphone service provider giant Sprint has acquired 33% of music streaming service Tidal. The amount for this acquisition has not be disclosed, but the reported number is $200 million. Interesting enough this give Tidal a valuation of $600 million since a 3rd was sold for $200 million. The timing of this deal interesting as well. Just days removed from allegation the Tidal is inflating the number of subscribers.
“Sprint shares our view of revolutionizing the creative industry to allow artists to connect directly with their fans and reach their fullest, shared potential, Marcelo understood our goal right away and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience.” – Jay-Z
This partnership could be very beneficial for both companies in the long run. Those 45 million Sprint customers may be happy to switch from Apple Music, Google Music, and Spotify if Tidal is built into their Sprint subscription.
I have always voiced that I would love for Tidal to stay black owned. I think it is important to have a black-owned company of Tidal’s magnitude because who knows if this opportunity will ever happen again.