Additionally, the 16 co-owners of Tidal each own around three per cent of the business. This revaluation of the music world comes by charging a two-tier subscription service, and passing a better cut of that subscription revenue on to the musicians themselves. Tidal’s new head honcho summed the situation up perfectly in a recent interview with Billboard magazine, “People really feel like music is free, but will pay $6 for water”. The idea behind the service (from the musician’s perspective) is to claw back music’s value in the minds of the public, as opposed to free, advertising-supported services such as Spotify. On March 30 th, Jay Z, along with a consortium of 16 musician ‘owners of Tidal’ (including Beyoncé, Calvin Harris, Alicia Keys, Madonna, Coldplay’s Chris Martin, Kanye West, Jack White and Usher), very publically relaunched the service as “the first artist-owned global and music entertainment platform.” Last month, Aspiro, parent company of high-resolution streaming service Tidal (and Tidal’s Scandinavian precursor, WiMP) was bought lock, stock, and two smoking channels for $56m by Project Panther Ltd, itself owned by rapper Shawn ‘Jay Z’ Carter.
In one of the most public displays of the music business setting itself straight, Tidal’s recent announcement was part showbiz glitz, part hard-nosed business.
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