Sprint is purchasing 33 percent of Jay Z's entertainment streaming service, Tidal.
The new partnership, announced on Monday morning, will provide Sprint's 45 million customers with "unlimited access" to Tidal's exclusive content.
"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."
Claure will join Tidal's board of directors as part of the deal. Those who have a preexisting subscription to the streaming company will not experience a change in service.
Tidal was created by Jay Z in 2014. It has been branded as an artist-owned operation, with other founders including musicians Alicia Keys, Beyonce, Chris Martin, Jack White, Kanye West, Madonna and Rihanna. It is currently operating in 52 countries with more than 42.5 million songs cataloged.
"Jay saw not only a business need, but a cultural one, and put his heart and grit into building Tidal into a world-class music streaming platform that is unrivaled in quality and content," Claure said in a statement. "The passion and dedication that these artist-owners bring to fans will enable Sprint to offer new and existing customers to exclusive content and entertainment experiences in a way no other service can."
The partnership includes a "dedicated marketing fund specifically for artists," which will "allow artists the flexibility to create and share their work with and for their fans."
U.S. & World
The financial terms of the deal were not disclosed.