Rapper/business mogul Jay Z continues to break the mold when it comes to his business acquisitions and profit gains.
After originally purchasing his new Tidal music streaming service from Aspiro for $56 million in Jaunary, Hov’s company is now already worth a whomping $250 million!
Sprint and parent SoftBank have bought a minority stake in Jay Z’s subscription music service.
While the size of the investment couldn’t be learned, sources said the deal values Tidal at around $250 million.
Just last month, Jay Z finalized the $56 million acquisition of Aspiro, the Swedish company that owns Tidal. He remains the biggest shareholder, sources said.
Tidal made a big splash earlier this week, when the hip-hop mogul held a star-studded event in New York.
Tidal claims to have signed up 100,000 subscribers since Kanye West, Rihanna, Madonna, Nicki Minaj, Alicia Keys and even Daft Punk joined Jay Z on stage, according to industry sources.
At the same event, Tidal’s chief investment officer, Vania Schlogel, said the service had been working closely with Sprint CEO Marcelo Claure, although Tidal reps declined to say if the No. 3 wireless provider was also an investor.
The Post reported ahead of the Monday event that Tidal was seeking to raise money and had held talks with Softbank and private-equity firm KKR.
Sprint is preparing to offer Tidal’s service on its phones although the details and the pricing are unclear. A Sprint store manager in Manhattan told The Post he would have more details on the rollout in the next few weeks, adding that “there may be some specials,” or promotions.
In general, there’s confusion around the pricing. Tidal says it offers two tiers: a standard version for $9.99 a month and a $19.99 “premium sound” version. The app, however, lists the prices at $12.99 and $25.99, respectively, with a 30-day free trial.