Sprint, Softbank buys stake in Jay Z’s Tidal service

Sprint and its parent SoftBank have purchased a minority stake in Jay Z’s subscription based music service.

According to reports, the amount of the investment is not yet known, but some inside report suggests that the contract values Tidal at around US$ 250 million.

It was just last month when Jay Z finalized the US$ 56 million acquirement of Aspiro, the company from Sweden which owns Tidal. He stays as the top shareholder there.

Tidal made a huge splash earlier this week, when the hip-hop star arranged a star-studded program in New York.

According to reports, Tidal reportedly have signed up 100000 subscribers since Rihanna, Kanye West, Madonna, Alicia Keys, Daft Punk and Nicki Minaj joined Jay Z on stage. At the event, Vania Schlogel, Tidal’s chief investment officer, told that the service had been working very closely with Marcelo Claure, the Sprint CEO, even though Tidal reps declined to say if the number three wireless provider was also an investor.

Sprint is getting all set to offer Tidal’s service on their phones even though the details and the pricing are not yet clear. A Sprint manager that he would have more details on the rollout in the coming weeks. There could be some promotions or specials.