Jay Z launches Tidal streaming music service

NEW YORK, March 30 (UPI) -- Jay Z has unveiled his plans for a new streaming music service called Tidal, which he recently bought for $56 million.

The rapper and mogul told The New York Times Monday that artists would have a majority stake in the company.

"This is a platform that's owned by artists," he said. "We are treating these people that really care about the music with the utmost respect."

Jay Z was joined by a number of big-name musicians in a press conference Monday, including Madonna, Kanye West, Beyonce, Alicia Keys, Daft Punk, Rihanna and Arcade Fire.

"Together, we can turn the tide and make music history. Start by turning your profile picture blue," West tweeted.

Tidal would compete directly with Spotify, a streaming service that has had to defend its artist compensation system.

Unlike Spotify, which offers a free streaming service, Tidal is only subscription-based. Subscriptions start at $9.99 a month.