Music: something that we all listen to and derive emotion from. The state of the music industry is in peril though. With the advent of music streaming via the Internet, the gigantic industry is fighting a losing battle. Music streaming services like Spotify, Pandora, and even YouTube, are creating havoc within the industry that music artists simply can’t compete with. Or can they? Jay-Z, a legend in the music industry, would say so.
If you haven’t heard of the new music streaming service, Tidal, you should definitely check it out:
Tidal is similar to Spotify and other music streaming services, in the fact that its main goal is to provide music streaming to its customers. But what differentiates the service from the big players already in the game is the promise of “superior sound quality.” This sound quality is known as “Lossless.” But what does that mean you might ask?
“Lossless” sound quality plays at 1411 kb/s, compared to regular MP3 files which play at 325 kb/s. Spotify and other music streaming services use MP3 files to stream the music that is hosted on their servers. Although the lossless sound quality really does sound better than the MP3 format, (you can see for yourself here… http://bit.ly/1OQV7CS) are consumers really willing to go the extra mile for such quality?
Tidal is charging $10 per month for their “regular sound quality” streaming service. This is very competitive with Spotify, as Spotify charges the same for the regular customer. Although this is true, Spotify does have an option for college students at $5 per month. For Tidal’s newly renowned “Lossless” streaming service, they are charging a whopping $20 per month. I don’t know about you, but I don’t want to be paying that much per month for my music. I am happy with the sound quality that I get from Spotify at my $5 per month payments. So why did Jay-Z even invest in Tidal in the first place you might ask?
To start off with, Jay-Z quietly purchased a majority stake in Tidal last year. For the past year, he has been teaming up with other major artists, taking them on as minority shareholders, in order to expand the service. Artists include: Beyoncé, Chris Martin, Usher, Jay Cole, Rihanna, Madonna, Deadmau5, Nicki Minaj, Kanye West, Daft Punk, and many more. The fact that a music streaming service has this many celebrities backing it really shows how much belief these artists have in the service. Spotify definitely does not have this kind of backing.
Apart from high quality music streaming, Tidal also offers “exclusive” music releases, music videos, and editorials; something that Spotify does not offer. Their intent is to “preserve music’s importance in our lives.” It will be interesting to see how these additions will add to Tidal’s overall worth to the average consumer. The average consumer of music is only interested in one thing, listening to the music. From my point of view, the average consumer doesn’t really care about the sound quality of the music they’re listening to; they just care about listening to the music. Jay-Z could prove me wrong though, as he has done to those who thought he couldn’t even make it in the music industry.
At the moment, Tidal has a mere 35,000 subscribers, compared to Spotify who boasts a massive 15 million subscribers. Jay-Z isn’t letting this difference defeat him though. With big names backing his service, he plans to grow it into an empire that will rival Spotify on a daily basis. With exclusive releases from artists on the service, I can see how Tidal will start to come into the spotlight. People want new music, and they won’t be able to get it unless they have a Tidal account. Although this is true, we need to remember that with the Internet, leaks do happen, very frequently.
The comparison of Tidal and Spotify really makes me think about Netflix vs. other video streaming giants. Think about where Netflix was just a mere 10 years ago, they were nowhere near where they are now. But then, they began releasing their own TV shows, exclusive to their service. Look where they are now! They are killing it, and nobody is stopping them. With the advent of exclusive releases on Tidal by music artists, I really don’t see why Tidal can’t become everything Jay-Z sees it becoming.
Tidal has a battle to fight though. They have a giant uphill climb that they have only just begun. As long as the service continues to impress the average consumer, and possibly lowers their monthly subscription rate, I can see them succeeding. Spotify definitely has a competitor that is hot on their heels. Only time will tell who the biggest service will be.
Music streaming is quickly becoming a competitive industry, as are all streaming services. Let’s see if Tidal really has what it takes to come to the forefront of the average consumer’s thoughts.
What did you think of today’s post? Do you think Tidal will become a major competitor with Spotify or do you think they will crash and burn? Let me know in the comments down below.
As Always,
See you at The Top of The Tyde!
P.S. If you’re interested in reading more of my content, check out my blog over at www.therisingtyde.com
