Back in January, we heard that rapper Jay Z had led a US$56 million (about £38 million) bid for hi-res audio streaming service Tidal, but earlier this month, it was rejected as owners sought to start a bidding war with other potential suitors.
It didn’t pan out; they eventually accepted the original bid, which means Jay Z owns at least part of Tidal. And with his star power and connections, he’s already well on his way to relaunching and transforming the service into a heavyweight contender.
Last night, Tidal revealed its new face: massively successful artists. Lots and lots of them, too. Artists like Daft Punk, Madonna, Beyonce, Kanye West, Arcade Fire, Rihanna, Coldplay, Calvin Harris, and more are all said to be part owners of the service, and many appeared in a taped symposium (seen below) wherein the musicians discussed what’s at stake in the streaming world.
And it’s not just a marketing shift in place - Tidal has also launched a traditional all-you-can-play streaming option for standard-quality audio, which is priced at US$10 per month, or the same as the rest of the competition (like Spotify). The lossless audio option is still available for US$20/month, and artists get double the royalties for hi-res audio plays.
Whether all this star power will turn Tidal into a top-tier streaming music service remains to be seen, especially with Apple widely reported to be transforming Beats Music into its own branded streaming option in the coming months. But at least we know that Jay Z won’t be a silent owner, and more competition in the space is always a good thing.
[Source: The Verge]