On Monday, Jay Z held a press conference to announce the launch of his TIDAL streaming service as a partnership with Alicia Keys, Rihanna, Daft Punk and Madonna, among others. Many questions were left unanswered so Hov took the time to break things down in depth.
According to Vibe, Jay Z has invested $56 million in his purchase of Aspiro, the company that owns music streaming services TIDAL and WiMP.
The purpose of TIDAL is to return some of the power to the artists, thus essentially removing the middle man of the music business. However, there have been concerns of whether or not consumers will be swayed to purchase this new service.
As previously reported, there is no entry-level "freemium" level for consumers to grow accustomed to the service, aside from a 30-day trial. Consumers can access higher quality music for $10 or $20.
Jay Z said it's all about promoting a mindset change. Read more about what Jay Z had to say about his new investment after the jump.
On when he first gained curiosity over the music streaming industry:
"A year-and-a-half ago. We saw the movement and how everything was going and figured that this could possibly be the last music format that we see in this lifetime. We didn't like the direction music was going and thought maybe we could get in and strike an honest blow and if, you know, the very least we did was make people wake up and try to improve the free vs. paid system, and promote fair trade, then it would be a win for us anyway."
On convincing his music counterparts to become a part of the movement:
"I think there was a bit of nervousness because of how things work: This is something new and unknown. But at the core everyone was super-excited at the idea. Like 'Yes, let's do this. Let's not only create a place that has great music - let's protect the future generation of artists.' I think this thing changes the world for them. It makes everything different, you know? Between those things it was like, 'We have to do this, we are almost charged in this position to do it.'"
On making sure people who are creating music will get revenue:
"If they're not being compensated properly, then I think we'll lose some writers and producers and people like that who depend on fair trade. Some would probably have to take another job, and I think we'll lose some great writers in the process. Is it fair? No. If you put in work, everyone else, you go to work you get paid. That's fair trade. It's what our country is built on... In any other business people would be standing before Congress. They have antitrust laws against this kind of behavior. It almost seems like when it applies to music no one really cares who's cheated. It's so disorganized; it's so disconnected from reality."
On how music labels responded to TIDAL:
"I think there is a bit of paranoia in the beginning and there may still be, and I think we'll work through that because it will be a very difficult thing for a label to tell artists when they're streaming their music everywhere else that they won't stream it on an artist-owned platform. I don't see how any label can stand in front of anyone and justify that."
On making it accessible for everyone:
"We want it to be open to everyone... but the pricing will be tiered, because we want to present it to as many people as possible. But it definitely appeals to people who really care about the music and want to hear it the way it's intended. And hopefully some day with technology we figure out how to deliver that high-def sound, maybe even in a $9.99 model. Who knows what the future holds."
Read Jay Z's full interview with Billboard here and let us know your thoughts in the comment section below.
