Ladies and gentlemen, Jay-Z has done it again! Not only is he an amazing musician, an entrepreneur, a husband, and a father, but he can now add head of an international streaming service that some believe will rival both Spotify and Pandora. The superstar’s company Project Panther bought out the Swedish based company Tidal for £38 million two weeks ago, and has already got some impressive new co-owners, including Beyoncé, Kanye West, Madonna, Nicki Minaj, Rihanna, and Cold Play.
Aiming to provide CD quality streaming, offering subscribers access to over 25 million different music tracks, 75 thousand music videos, and other unique content including artist interviews. The streaming service currently cost £19.99 per month, but a new subscription model alongside this one, which will only cost £9.99 per month. Alicia Keys, another music superstar connected to Tidal, described it as, “the first artist-owned global music and entertainment”. She then went on to explain Tidal’s mission, saying that they aim to, “create a better service and a better experience for both fans and artists.”
Under the direction of Jay-Z, Tidal will begin asking artists to encourage their labels to give access to new tracks and music videos exclusively to Tidal for about a week long period. The multi-millionaire’s aim is to increase the profits for his artists, even if that means his company loses money. In a statement to Billboard, he said, “We didn’t like the direction music was going and thought maybe we could get in and strike an honest blow. Will artists make more money? Even if it means less profit for our bottom line, absolutely. That’s easy for us. We can do that. Less profit for our bottom line, more money for the artist; fantastic.”
If history tells us anything, it is that when Jay-Z gets his hands on something, it gets incredibly successful almost overnight. At the end of 2014, Tidal had 500,000 users, but no doubt, Jay has plans to increase those numbers by the end of 2015. Tidal is being reborn with Jay-Z and fans will be waiting to see where the company goes from here.