Jay Z is diversifying his business portfolio with a new venture in the music streaming industry.
This week the multimillionaire debuted the relaunch of Tidal, which is pegged as an “artist-friendly” streaming service that will compete with the likes of Spotify, Google Play and Apple’s upcoming relaunch of Beats.
The New York Post reports Tidal will host two tiers of service, one at $9.99 and a second high-quality audio service at $19.99.
Jay Z, real name Shawn Carter, acquired Tidal in January. The domestic streaming music business is reportedly worth around $1.8 billion.
Tidal’s splash into the scene comes as artists have consistently griped that they are not seeing significant revenue from the streaming music industry, while companies like Spotify argue they are paying hefty fees to artists’ music companies.
Some of the music industry’s biggest stars came out to support Jay Z and Tidal’s relaunch, including his wife Beyonce, Rihanna, Madonna and Nicki Minaj. Some of those artists, among others like Kanye West and Usher appeared in a star-studded promotional video for Tidal.
Jay Z’s team at Tidal is reportedly fighting to win exclusive rights to release artists’ music ahead of others. One question that remains, however, is who is providing the financial backing for the service, the Post points out.
(Photo: Jamie McCarthy/Getty Images for Roc Nation)