Okcity Gists: He’s not a businessman. He’s a businessman. Checkout How Jay Z sold 33% of TIDAL for $200m

STORY HIGHLIGHTS

 checkout Jay Z's $56million has Just yielded a healthy profit in only two years.

Jay Z, Kanye West, Rihanna, Beyonce, Usher attend TIDAL launch.

Jay z streaming service TIDAL finally received a huge boost as American telecommunications giant Sprint purchased a 33% stake in the business, valued at an estimated $200 million.

TIDAL had been struggling to acquire users as a result of its pricey and exclusive business model. Jay Z bought the Norwegian company in 2014 and tailored it to share revenue among artistes as opposed to other streaming services who retain a percentage for themselves.

Both Sprint and Apple had been rumoured to be interested in buying a stake in the company. However following a Kanye West Twitter rant where he claimed that Apple gave Jay Z cheque already, the company released a statement saying they had no interest in buying it at all.

The deal with Sprint will see Jay Z and each of the company’s two dozen artist-owners remain part owners.

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