According to a slew of recent tweets, Jay Z is using his celebrity connections to promote the relaunch of his recently-acquired Tidal streaming music service. Streaming music competitors such as Apple Inc. AAPL 2.53%, Pandora Media Inc P 0.43% and Spotify will certainly be watching Jay Z’s new project closely.
Big Name Endorsements
The all-star list of celebrities that have been tweeting about Tidal includes names such as Madonna, Kanye West, Deadmau5, Nicki Minaj and Beyonce. The artists are tagging the tweets with #TIDALforALL and have even changed their profile pictures to the services signature cyan color.
Back in January, Jay Z bought Scandinavian company Aspiro, which owns Tidal and WiMP, for $56 million. The streaming music service’s biggest selling point in the past has been its ability to stream high-quality 16-bit FLAC audio files. The company currently offers 25 million songs and 75,000 music videos. Standard-quality Tidal subscriptions start at $9.99 per month, the same price as rival Spotify’s monthly premium subscription. However, Tidal charges $19.99 per month for its higher-tier subscriptions and does not have a free subscription option.
The Tidal relaunch is scheduled for 5 p.m. EST on Monday, when Jay Z himself will announce details of the updated service in person at a press conference in New York. Jay Z appears to be relying heavily on his influence among artists in the music business to provide a boost to his fledgling company. In addition to his army of celebrity tweeters, Jay Z has convinced Taylor Swift to make her entire back catalog of content available on Tidal, in part to protest Spotify’s free service.
Jay Z is certainly fighting an uphill battle for market share in the streaming music space. According to The Verge, Tidal has only 17,000 paid subscribers compared to Spotify’s 15 million.
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