In a bid to give music and video rights to artists themselves, Jay-Z is reviving music subscription service Tidal with the help of Madonna, Beyonce, Kanye West and some others A-listers.
Hova made the announcement on Monday at an event in New York, revealing that his group has bought Tidal, which they expect to be in competition with market leaders Spotify, Deezer and Google Play in the future.
For now, however, they have their work cut out for themselves as Tidal's database of 25 million songs is significantly smaller than what others have on offer.
Alicia Keys, who is also one of the co-owners, believes this joint ownership venture has the ability to revolutionize the music industry.
"So we come together before you on this day, March 30, 2015, with one voice in unity in the hopes that today will be another one of those moments in time, a moment that will forever change the course of music history," the "Girl On Fire" songstress said.
The coming together, Keys emphasized, is not just a business venture, but its main purpose is to give post-production control to the music makers themselves.
"We didn't like the direction music was going and thought maybe we could get in and strike an honest blow," Jay-Z, the group's mastermind, added. "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."
While Tidal's aim definitely is high, not everyone feels it can dethrone Spotify as the biggest music subscription service.
“This isn’t about transforming the streaming market, or suddenly taking it into the mainstream. I think Tidal is aiming to compete around, rather than with, Spotify,” Mark Mulligan of music industry consultancy MIDiA Research told the Guardian.
“It is aiming for a higher spending slice of the music aficionado market. Primarily this is about opening up new market segments, and the positioning is smart: it is creating an aspirational brand, which ties in well with the urban music community.”
Sure, Jay-Z and others' connections help, but unless Tidal gets its hands on some exclusive content, don't count on a music revolution anytime soon.