Chris
Martin, Rihanna back new Jay Z streaming music service
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[March 31, 2015]
By Jennifer Saba
(Reuters) - Some of the
world's biggest names in music including Beyonce, Cold
Play's Chris Martin and Rihanna are backing Jay Z's new
global streaming music service Tidal, which launched on
Monday, and is billing itself as the first of its kind
owned by artists.
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Co-owners Kanye West, Daft Punk, Alicia Keys, Madonna and
other musicians were in New York on Monday to sign a declaration
of a "whole new era."
Still, Tidal is entering a crowded space, with stiff competition
from Spotify, Pandora Media Inc and Clear Channel's I Heart
Radio. But Jay Z's deep music ties could help distinguish Tidal
from its rivals.
Musicians complain they are not being properly compensated for
digital music rights. Additionally, music downloads have been
shrinking as streaming services boom in popularity.
The Beatles' Ringo Starr addressed the issue with Reuters TV on
Monday: "All I ever hear is that your record has been streamed
17 million times and they give you a check for 12 bucks. I don't
understand that."
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Last year, Taylor Swift pulled her entire catalog from Spotify
in a shocking move. Swift's catalog is available on Tidal but
her latest "1989" is not.
Tidal has deals for rights with all the major record labels, a
representative with the company said.
While the glitzy line-up on Monday did not directly address
compensation, Alicia Keys said, "We believe it's in everyone's
interest ... to preserve music."
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Tidal is offering a mix of stock and cash to its owners for
promotional support, which does not include rights to the music, the
Financial Times reported. One partner was offered $3 million for a 3
percent stake, the report said.
Tidal is an offspring of Jay Z's company Project Panther Bidco,
which acquired more than 90 percent of the Swedish streaming music
company Aspiro AB for $54 million earlier this month.
For $19.99 a month, subscribers have access to millions of songs and
videos in high fidelity. A $9.99 option offers regular sound
quality. Tidal is available in 35 countries and subscribers can
listen offline to as many songs as their device will hold.
(Reporting by Jennifer Saba in New York; additional reporting by Bob
Mezan; Editing by Richard Chang)
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