Tidal, the “bad check” that’s bounced from company to company, appears to finally have a new backer.
Sprint announced Monday morning that it would be buying 33 percent of the Jay Z-helmed streaming service. With the deal, Sprint’s reported 45 million customers will have access to Tidal.
According to Billboard, the deal cost the nation’s fourth-largest cellphone carrier $200 million, and Jay Z and the 24 artist owners will continue to stay on as part-owners of the streaming service. In a statement, Hov said, “Sprint shares our view of revolutionizing the creative industry to allow artists to connect directly with their fans and reach their fullest, shared potential.”
The move comes as Tidal continues to struggle in the streaming service battle. In March of 2016, Jay Z hit the company’s previous owners with an accusation that they had inflated subscriber totals when negotiating the initial $56 million deal. And during his ownership tenure, Mr. Carter has previously taken to defending the company’s viability.
Tidal has seen falling subscription numbers and layoffs in recent months, so the move may well help turn the company around. But, of course, it’s Tidal, so it might not help at all.
Find Sprint’s full announcement here.