Shawn Carter, known as Jay-Z, has taken to Twitter to defend his $56 million investment in the Tidal streaming music service. The company, which charges $9.99 or $19.99 per month for two different subscription packages, must compete with Spotify, Pandora, Rdio, and more established competitors - and Jay-Z thinks competitors could be engaged in a smear campaign.
Using the hashtag #TidalFacts, Carter was quick to point out that Tidal provides a better payment system for artists, and needs time to mature.
Jay-Z also described how Tidal pays musicians:
Tidal pays 75% royalty rate to ALL artists, writers and producers - not just the founding members on stage.- Mr. Carter (@S_C_) April 26, 2015
Indie artists who want to work directly w/ us keep 100% of their music. "If you don't want the CEOs all in the videos" haa #tidalfacts- Mr. Carter (@S_C_) April 26, 2015
Since re-launching about one month ago, Tidal has gotten rid of its former CEO, cut other jobs, and saw its Apple app store ranking significantly drop.