Jay Z Launches New Streaming Service with Biggest Names in Music

Tidal Launch Party

Jay Z is expanding his empire in a huge way.

The hip-hop mogul announced the launch of Tidal, a new streaming service, via livestream yesterday.

Billed as “the first music streaming service that combines the best high fidelity sound quality, high definition music videos and expertly curated editorial,” the new service is poised to compete with the likes of Spotify, Pandora, Beats Music, iTunes and so many others.

Jay Z has enlisted some of the biggest names in music as equity partners in the new streaming service including Beyoncé, J. Cole, Kanye West, Madonna, Nicki Minaj, Rihanna, Usher and more.

Alicia Keys, who is also an owner, took the podium to address the audience and explain the mission behind the business venture.

“We come together before you on this day…with one voice in unity in the hopes that today will be a moment that will forever change the course of music history,” said Keys. “Our goal is simple: We want to create a better service and a better experience for both fans and artists, and that is our promise to the world.”

After the speech, Keys invited each owner to sign what she called a declaration.

The launch has seemingly been in the works since Jay Z purchased Tidal’s Swedish parent company, Aspiro, for a reported $56 million.

Tidal offers CD-quality music streaming of more than 25 million songs and high-def video streaming of 75,000 videos at somewhat monthly rates of  $9.99 for standard sound quality and $19.99 for top-shelf audio.

Learn more about the service at Tidal’s official website.

Take a look at the announcement below.

 (Photo Credit:  Jamie McCarthy/Getty Images for Roc Nation)