Jay Z’s newly acquired streaming service, Tidal, is receiving a wealth of high profile promotion from stars including Rihanna, P. Diddy, Beyoncé, Kanye West, Nicki Minaj, Coldplay and Madonna, after the service officially relaunched this morning.
A Twitter campaign with the hashtag #TIDALforALL started last night, with a number of artists voicing their support by turning their profile photos blue.
A press conference held in New York at 5 pm ET. today will reveal what Jay Z’s plans are for his new acquisition. If Forbes sources are to be trusted, the streaming platform under Jay Z will focus on putting the creators in the driving seat, and ensuring they are fairly remunerated for their content.
Funded by paid subscriptions, Tidal doesn’t offer an ad-supported tier. Instead, lossless music streaming in CD quality is available for iOS, Android, web player/desktop app and home audio systems, including Sonos and Bluesound, for a monthly subscription fee of £19.99/$19.99.
Jay Z bought Tidal’s parent company, Aspiro, on March 12. The rapper’s investment is through Project Panther Bidco, of which he is the main shareholder via S. Carter Enterprises, LLC.
The deal was initially met with resistance from minority shareholders over the value of the offer – $56.2m (£36m) – a premium of 59.1% on Aspiro’s share price.
But they eventually accepted, and the last day of trading of Aspiro’s shares will be April 2. Project Panther has now secured its acquisition of 95.18% of the firm, and made a further application for the remaining shares. Aspiro has until March 27 to “consider and accept” the offer.
As of January 31, Aspiro reported a total of 503,000 paying users. The number includes 24,000 signed up to WiMP HiFi, 71,000 WiMP premium/basic subscribers (the non-high quality option that costs half the price of WiMP HiFi) and 17,000 for Tidal.
Tidal is live in 31 markets: the US, Canada, UK, Ireland, Finland, the Netherlands, Belgium, Luxembourg, Italy, South Africa, Czech Republic, Slovakia, Singapore, Denmark, Spain, Portugal, Estonia, Latvia, Lithuania, Norway, France, Austria, Switzerland, Hungary, Turkey, Sweden, Romania, Slovenia, Greece, Cyprus and Malta.
It will also launch in Poland, Australia, Hong Kong, Qatar, United Arab Emirates and Germany before the end of June this year.