Hip-hop mogul Jay Z has enlisted some of the biggest names in the entertainment industry to relaunch his music-streaming service Tidal, which is now billed as the first artist-owned platform for music and video.
At the brand’s relaunch in New York City on Monday, the American rapper, whose real name is Shawn Corey Carter, introduced the other “owners” of the brand, who joined him on stage at Skylight at Moynihan Station.
They were Beyonce, Alicia Keys, Daft Punk, Kanye West, Usher, deadmau5, Madonna, Rihanna, Jason Aldean, Nicki Minaj, Win Butler and Régine Chassagn of Arcade Fire, Chris Martin (Coldplay), J. Cole, Jack White and Calvin Harris.
His new partners now own a 3 percent equity in the company, with the rest of the stake held by Jay Z, according to Billboard.
Jay Z first launched the Scandinavian-based service in the United States in October, and it now has about 540,000 paying subscribers.
That figure is quite small when compared with those of industry leader Spotify and Pandora.
But the difference, according to Keys, is that Tidal is “the first-ever artist-owned global music and entertainment platform”, USA Today reported.
“We want to create a better service and better experience for fans and for artists,” Keys said.
The group’s mission, she said, is “beyond commerce and technology … to preserve music’s importance in our lives.”
Before, Tidal only offered a US$19.99 monthly subscription for unlimited listening of high-definition sound.
But now it offers a US$9.99 service, although of normal sound quality, to be able to compete with Spotify as well as a soon-to-be-unveiled music streaming service from Apple, which acquired Beats Music last year for US$3.2 billion, the report said.
– Contact us at [email protected]