Jay Z Ropes in the Biggest Music Stars For His New Music Streaming Service, Tidal
Jay Z is one of the royalties of the music industry. He has had a long and eventful career, and his wife Beyonce enjoys a similar status in the music industry. Jay Z is also a successful entrepreneur with a personal net worth of $560 Million with investments in several brands. Now he is using his status in the industry to offer a new music streaming service called Tidal and for this he has invited the who’s who of the music industry.
Tidal is a subscription-based music streaming service that has been in operation since October 2014. The music service combines lossless audio and high definition music videos which are curated by the editors. The most attractive bit about this service is its ownership. The musicians will have the stake in this streaming service, thereby guaranteeing them a return on their creation. This means that the musicians will have direct control over their product on Tidal.
For the announcement of his involvement, Jay Z invited the most notable faces of the music industry. The list includes Madonna, Kanye West, Nicky Minaj, Coldplay lead singer, Chris Martin, Alicia Keys and the eccentric Daft Punk. These celebrities began promoting the service under the hashtag #TIDALforALL on Twitter.
— KANYE WEST (@kanyewest) March 30, 2015
Access to content on Tidal will be available in two subscription plans, $10 a month for a compressed format (the standard on most digital outlets) and $20 for CD-quality streams. Tidal’s parent company had reported last autumn that the service has about 512,000 paying users. That number will significantly rise, thanks to Jay Z’s involvement.
But Tidal has a long climb ahead in the streaming service business which is currently ruled by the likes of Spotify and Pandora. Also, while the artists may be on board, but the distribution rights of the songs are still held by the studios who produce them, so that bit needs to be ironed out. The biggest challenge for the service, of course, is to find consumers who are ready to pay for the music instead of going for the plethora of avenues on the Internet to get music for free. Jay Z may have had 99 Problems, and now this will be a major one.
The concept of Tidal sounds interesting as it would let users listen to the high-quality audio while the revenues generated will directly reach the artists. But the service should also be equally kind to budding musicians who face tremendous pressures to get their art recognized and eventually get paid for it.
Here is the video of all your favourite music superstar coming together for Tidal: