Sprint to acquire stake in Jay Z's Tidal streaming service

Jan. 23 (UPI) -- Sprint is set to acquire a 33% stake in Jay Z's struggling music streaming service Tidal.

Announced Monday, the deal is part of a partnership between the two companies which will allow Sprint to offer its customers exclusive content to those who subscribe to Tidal.

"The passion and dedication that these artist-owners bring to fans will enable Sprint to offer new and existing customers access to exclusive content and entertainment experiences in a way no other service can," said Sprint CEO Marcelo Claure in a statement.

"We'll do great things with @Sprint & can't wait to share our exclusive experiences with their 45 million customers," noted Tidal on Twitter alongside a graphic featuring a turntable with the company's logo's side by side.

Launched in March of 2015, Tidal was bought by Jay Z for $56 million and was announced as a streaming platform where the artists have a majority stake in the company. It prominently boasts having the highest percentage of royalty payments than any other service.

In September, the service was reported to have been losing $2.3 million a month as it failed to compete with competitors Spotify and Apple Music which was once rumored to acquire the service.