Jay Z isn’t ready to give up on Tidal.
The streaming service has admittedly struggled to make inroads in the streaming music industry, but on Monday, Jay Z announced that he had sold a stake in his streaming company to Sprint. The move could be a lifeline for his endeavor.
“Sprint shares our view of revolutionizing the creative industry to allow artists to connect directly with their fans and reach their fullest, shared potential,” Jay Z said in a statement. “[Sprint CEO] Marcelo [Claure] understood our goal right away, and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience.”
With Sprint on board, Tidal might just have the chops it needs to compete against some of the bigger and more established streaming services.
“Tidal has struggled to make a dent in the streaming market and has shallower pockets than Spotify, Apple or Amazon,” Mark Mulligan, an analyst at Midia Research, a market research company told the New York Times. “The Sprint deal gives it access to a big customer base, free marketing and a war chest to take on the streaming incumbents.”
As part of the deal, Sprint customers who also subscribe to Tidal will have access to exclusive content.