(AllHipHop News) Tidal has faced some hurdles since Shawn “Jay Z” Carter and other artist-owners relaunched the service in March 2015.
The initial public response to the streaming platform was negative, there was significant turnover at the executive level, and an overwhelming majority of music industry executives believed the service would not last a year.
Two years later, Forbes suggests Tidal could actually be the financial source that tips Jay into the billionaire class.
It was reported in January that Sprint was set to acquire 33% of Tidal.
“Sprint shares our view of revolutionizing the creative industry to allow artists to connect directly with their fans and reach their fullest, shared potential,” stated Jay. “[Sprint’s chief executive officer] Marcelo [Claure] understood our goal right away and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience.”
Forbes reporter Zack O’Malley Greenburg mentioned the Sprint deal as an example of what the future could hold for Tidal.
That sort of attitude offers a clue toward future plans for Tidal, which could one day be the asset that tips Jay Z into billionaire territory–ahead of Dre and perhaps even Diddy. As I noted in January, Sprint’s investment probably wasn’t the end of the wheeling and dealing for the streaming service.
Attached to Sprint’s massive customer base, Tidal suddenly seems much more appealing to tech giants as they look to bolster their streaming offerings. Adding a built-in audience of 45 million-plus could be compelling for Apple as it looks to catch up to Spotify, or perhaps Google or Amazon, as both behemoths try to make a true splash in the space.
Tidal is reportedly valued at $600 million after the $200 million investment by Sprint.
According to reports, Jay bought Aspiro – Tidal’s parent company – for $56 million in 2015.
Forbes currently lists Jay Z’s net worth at $810 million, second among the wealthiest Hip Hop representatives in 2017 to Sean “Diddy” Combs’ $820 million.
Jay was said to have a net worth of $610 million just one year ago.
Besides Jay Z, other founding Tidal artist-owners include Beyoncé, Rihanna, Kanye West, Nicki Minaj, Alicia Keys, J. Cole, Madonna, Calvin Harris, Chris Martin, Daft Punk, Jack White, Jason Aldean, Usher, Deadmau5, and Arcade Fire.
Lil Wayne, T.I., and Damian Marley have also signed on as owners of the service.