And the portfolio grows......
The debate can go on for ages regarding the G.O.A.T lyrically but as a brand I don't think there is any question in who has used the Hip Hop culture as a personal leaping board in an evolutionary journey like Sean Carter has. The only person is ear shot is Puff, but even he came in on the business end so there's an asterisk next to that. In a recent move, Jay Z has sold a 1/3 stake in Tidal to Sprint, as announced by both companies today. Details include a status quo in the sense that founding members Beyoncé, Madonna, Kanye West and Alicia Keys continuing to run the day to day while Marcelo Claure, the chief executive of Sprint, will join Tidal’s board.
“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
In the two years of its' existence, tidal has been one of the entities at the forefront of the streaming service wave, allowing early and exclusive access to released projects. The trend has become so popular that Apple has jumped in by creating arrangements with the likes of Drake and Frank Ocean as well as Chance The Rapper.
Some experts see the deal as a lifeline as shareholders filed for $28 Million deficit for 2015 as Spotfiy, Pandora and Apple Music has exacted a stronghold. Partnership with Sprint opens up another form of direct to consumer marketing. Let's see how this goes.