Jay Z has sold a 33 per cent stake in his streaming site Tidal.<\/p>\n
Telecoms company Sprint has forked out an estimated $200 million for the hefty share of the \u2018Empire State Of Mind\u2019s company.<\/p>\n
It will mean that Jay Z will make an impressive return on the initial $56 million he invested into the company when he purchased Tidal \u2013 which also has the likes of his wife Beyonce, Madonna, Rihanna, Daft Punk and Kanye West on the director\u2019s board \u2013 from Aspiro two years ago.<\/p>\n
At the time of the acquisition, the 47-year-old rapper spoke about the importance of not \u201cdevaluing music\u201d.<\/p>\n
He said: \u201cPeople are not respecting the music, and devaluing what it really means. People really feel like music is free, but will pay $6 for water. You can drink water free out of the tap and it\u2019s good water. But they\u2019re OK paying for it. It\u2019s just the mindset right now.\u201d<\/p>\n
Whilst Alicia Keys added: \u201cOur mission goes beyond commerce, it goes beyond technology. Our intent is to preserve music\u2019s importance in our lives. Music is the language of love, of laughter, of heartbreak, of mystery. It\u2019s the world\u2019s true, true, without question, universal language.\u201d<\/p>\n
When Tidal was first unveiled, it was criticised by a number of stars including Noel Gallagher, The Killers\u2019 frontman Brandon Flowers and Mumford and Sons.<\/p>\n
However, Madonna came out in support of the brand, insisting it was just the beginning for the streaming service.<\/p>\n
She said: \u201cIt\u2019s important that people understand we didn\u2019t create Tidal, we didn\u2019t put this together, we didn\u2019t all join forces because we\u2019re broke and we want more money.<\/p>\n
\u201cThe idea is we want to support other artists and we want people to understand this is our heart, this is our work, and we want people to recognize that and we want other artists to have a chance.\u201d<\/p>\n
–<\/p>\n
Source: Capitalfm<\/p>\n","protected":false},"excerpt":{"rendered":"
Jay Z has sold a 33 per cent stake in his streaming site Tidal. Telecoms company Sprint has forked out an estimated $200 million for the hefty share of the \u2018Empire State Of Mind\u2019s company. It will mean that Jay Z will make an impressive return on the initial $56 million he invested into the […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[403,137],"tags":[2231],"yoast_head":"\n