Tidal Backlash Continues, Spotify Raises $400 Million, Apple in Talks with Artists About Exclusive Beats Music Deals

Apr 14, 2015

The streaming music market continues to heat up. After Jay-Z announced his newest venture--a streaming music service called Tidal that he bought a majority stake in for $54 million--with the help of a lot of very famous musicians, there was a bit of a backlash. The high-fidelity music experience is more expensive than competitors like Spotify, but also allegedly pays artists better. Audiences were, of course, skeptical that Jay-Z and his cast of famous, and very rich, friends-like Kanye West, Madonna, Daft Punk, Alicia Keys, and Coldplay's Chris Martin-trying to push a more expensive listening experience. Even other artists criticized the move.

Meanwhile, Spotify raised $400 million from Goldman Sachs and Abu Dhabi's sovereign wealth fund. According to Business Insider, this would value the company at $8.4 billion.

According to Bloomberg, Apple's Beats Music service is pursuing artists for exclusive deals. The company is after the likes of Taylor Swift and Florence + the Machine to agree to exclusive promotional deals that would encourage fans to subscribe to Beats-as opposed to Spotify, Pandora, or Tidal-to hear the artists' music. Swift famously pulled her music from Spotify in 2014, claiming that the service did not properly value her work.

(tidal.com, spotify.com, beatsmusic.com)