A massively star-studded cast of musical talents took center stage March 31 to announce the new direction for Tidal music streaming service—under the management of Jay-Z.
Alicia Keys was among the first to take the podium during the press conference. Keys expressed her sentiment that with all the entertainment stars on the stage, it felt like a “graduation” for the artists. It was “the beginning to a whole new era” in the music industry, Keys said. “Today we announce Tidal, the first ever artist-owned global music platform”
As it turned out, everyone appearing on the stage was part owner of the platform. Music industry headliners like country music star Jason Aldean, the iconic Madonna, massively popular DJs Calvin Harris and Deadmau5, Win Butler and Regine Chassagne from Arcade Fire and many more would sign the “declaration” on the podium during the conference.
Tidal promises to create a fan-tailored experience for subscribers, as well as additional content, but moreover will hope to serve as a means to preserve a healthy and robust music industry.
Tidal will offer no free services, but instead two levels of subscription; $19.99/month for lossless audio quality and $9.99 for compressed audio. Tidal is offering a 30-day free trial to users now.
Tidal enters a music market saturated with streaming services like Spotify and Pandora—both of which offer free alternatives to paid subscribership.
The piracy of music as reported by the Institute of Policy Innovation estimates projected losses of $12.5 billion annually to the economy of the United States alone.
Reuters reports Jay-Z’s purchase of Aspiro, a Swedish tech company, cost $56 million. The Financial Times reports that free streaming sites brought labels in the United States only $295 million, compared to the $800 million created by paid subscription services.
Criticism and doubt are rampant on social media in response to the launch of Tidal. The $20-a-month price tag leaves many potential consumers unconvinced. Tidal’s business model is hard to differentiate from Spotify, meanwhile it is substantially more expensive.
Similarly, music lovers have voiced their concerns that for $20, the technology gap for the average user will make the “luxury” of the lossless audio a moot point—only high quality listening devices will be able to provide the experience that Tidal has chosen to make focal.
To be successful, Tidal may need to be as revolutionary and impactful as the icons that have invested into it to convince listeners to sign up and cough up to plug in.
Barton Kleen
Social Media Editor