(From Beyoncé's "Lemonade."HBO)
Sprint just bought a 33% stake in the music-streaming service Tidal.
Tidal, which is co-owned by Jay Z and more than a dozen other artists, will provide Sprint's retail customers with access to exclusive content not available to other Tidal users.
Sprint's CEO, Marcelo Claure, will join Tidal's board of directors.
"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.
"Marcelo understood our goal right away and together we are excited to bring Sprint's 45 million customers an unmatched entertainment experience."
Tidal saw a surge in users after Beyoncé made her 2016 album, "Lemonade," available exclusively on the service.
While Tidal saw net losses of $28 million in 2015, revenue was up 30% from the year before.
Apple — which has its own streaming service, Apple Music — was reportedly in talks with Tidal about a possible acquisition last June, but shut down those rumors in September.
Last week Tidal was accused of inflating its user numbers.
Here's the full press release:
NEW YORK & OVERLAND PARK, Kan.--(BUSINESS WIRE)--Global music and entertainment platform TIDAL and Sprint (NYSE:S) announced today an unprecedented partnership that will soon give Sprint’s 45 million retail customers unlimited access to exclusive artist content not available anywhere else.
TIDAL and its artists will make exclusive content that will only be available to current and new Sprint customers.
As part of the partnership, Sprint will acquire 33 percent of TIDAL. JAY Z and the artist-owners will continue to run TIDAL’s artist-centric service as it pioneers and grows the direct relationship between artists and fans. The formidable pairing of Sprint and TIDAL will grow customers on both platforms by offering exclusive access for customers who subscribe to TIDAL. Sprint’s chief executive officer, Marcelo Claure, will also join TIDAL’s Board of Directors.
“Sprint shares our view of revolutionizing the creative industry to allow artists to connect directly with their fans and reach their fullest, shared potential,” said JAY Z. “Marcelo understood our goal right away and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience.”
TIDAL is a global, experiential, entertainment platform built for fans, directly from artists around the world. Members of TIDAL enjoy unmatched exclusively curated content that directly connects artists with their fans in multiple ways. TIDAL is available in more than 52 countries, with a more than 42.5 million song catalog and 140,000 high quality videos.