Jay Z reportedly held a low-key summit of high-profile musicians in Los Angeles last month to discuss the rollout of his newly purchased streaming service Aspiro.
According to ShowBiz411, artists like Kanye West, Nicki Minaj, Madonna, Daft Punk, and Hov’s wife Beyonce showed up at the sit-down to address the details of the service which will relaunch in the American market as TIDALHiFi. The meeting reportedly also featured appearances from some of Jay Z’s RocNation staff and counted lawyers and music executives among its ranks.
With most of the currently available streaming services offering just small cuts of profits to the musicians themselves, Jay Z’s latest venture aims to upend the industry with a more artist-friendly business. Aspiro, which owns the streaming networks TIDAL and WiMP, currently offers a high-definition digital music service that costs $19.99 a month in the U.S.
Forbes reports that Aspiro’s standing licenses in the U.S., Canada, and throughout Europe made the deal attractive to Jay Z since the legal infrastructure is often considered the toughest hurdle to establishing a robust streaming network. While Aspiro boasts rare-to-streaming CD-quality audio the service only has a little over a half a million paying subscribers with just 20,000 who shell out for the more expensive high-quality audio option. In addition to the music, the TIDAL network carries more than 75,000 HD videos on its network.
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