Jay Z Re-Launches Tidal, Now Re-Branded as An "Artist-Owned" Music Streaming Service

"We come to you with one voice in unity. The first ever artist-owned global music and entertainment platform," said Alicia Keys on behalf of Jay Z (Shawn Corey Carter), 45, during yesterday's re-launching event for Tidal, the new streaming service acquired by the rapper-entrepreneur reportedly for the sum of $56 million paid in cash to Swedish tech company Aspiro.

At the press conference in New York City, Keys, Beyoncé, Daft Punk, Kanye West, Usher, deadmau5, Madonna, Rihanna, Jason Aldean, Nicki Minaj, Win Butler and Régine Chassagn of Arcade Fire, Chris Martin (Coldplay), J. Cole, Jack White, and Calvin Harris joined Jay Z in announcing that they had become co-owners of Tidal. According to Billboard, each of these participating artists are believed to have been gifted 3% equity in the company, with the remaining stakes owned by Jay Z, another investor and the record labels.

About the re-branded Tidal, Jay Z in an interview with the New York Times said: "This is a platform that's owned by artists. We are treating these people that really care about the music with the utmost respect. The challenge is to get everyone to respect music again, to recognize its value. Water is free. Music is $6 but no one wants to pay for music. You should drink free water from the tap - it's a beautiful thing. And if you want to hear the most beautiful song, then support the artist." Apparently alluding to Spotify's "freemium" business model, the hip-hop mogul adds: "Everyone knows that the pay system is unfair to artists. Everywhere else, everyone gets compensated for their work. Music is everywhere - you consume it every day, everywhere you go. The content creator should be compensated. It's only fair." But he hastens to add again that he is not after the competition. "I just want to be an alternative. They don't have to lose for me to win," he said.

Tidal now offers 25 million music tracks, with a standard subscription for $9.99 a month and a "high fidelity" option for $19.99 a month.