Hip-hop mogul Jay Z launched his recently acquired streaming music service, Tidal, and it could just change the streaming service game.
With his tours with Beyonce or collaborator Kanye West grossing hundreds of millions of dollars worldwide, it's no secret that Jay Z doesn't do anything small. That said, it would appear that the launch of his recently acquired streaming music service, Tidal, would have to be colossal.
According to HPPR, the details of the service that encompasses a high-quality option for listeners willing to pay $19.99 per month are still not clear. In addition, how much the artists will be compensated for their music, whether it will be more compared to what rivals like Spotify pay out is still unknown. The revenue Whether the service will offer other products besides music and videos is also unclear.
One thing is certain, though. Tidal's launch has been an extremely choreographed, thrilling, multiplatform affair. Jay Z's newest empire expansion move is making headlines reportedly as a result of its ambitious plans and star-studded lineup.
According to People, the hip-hop artist bought the Scandinavian-based streaming service for a reported $56 million. However, with more stiff competition set to come, thanks to Apple and Beats developing their own potential streaming service, what would make Jay Z succeed may simply be because he IS Jay Z.
From his music career, his entertainment sports company Roc Nation, a night club, a clothing line, among other ventures, it seems that he's got it all. He is reportedly one of the most financially successful hip-hop artist and entrepreneurs in the United States. In 2014U, Forbes estimated Jay Z's net worth at nearly $520 million.
The lineup from Monday's (March 30) news conference for Tidal included Chris Martin, Daft Punk, Beyoncé, Alicia Keys, Madonna, Kanye West and Rihanna, among others.
During the news conference, Keys said the celebs are all owners in the company, which is "the first-ever-artist-owned global music entertainment platform."
Taylor Swift is reportedly being eyed for partnership. The singer's fifth studio album, 1989, outsold both of her previous two albums and helped snag her the no. 6 spot on Fortune's Greatest World Leaders list. T-Swizzle made news when she put Spotify on notice because she didn't like the way it felt having her music on a streaming site.
That said, since the majority of Tidal is controlled by artists and, moreover, will likely not have a free version, Tidal could prove appealing to Swift. Jay Z told The New York Times that the real challenge is to get everyone to respect music again and to recognize its value.
Do you think Tidal will truly live up to its name? Let us know in the comments below!
