He’s not a business man, he’s a business man. Jay Z has been living out his own rap lines over the last decade. The rapper turned his music career into a sports and entertainment management company. He’s also become a minority owner in the Brooklyn Nets as well as other outside ventures that have him living in the $500 million dollar area.
His latest announcement could move him into Dr. Dre and Jimmy Iovine’s $1 Billion dollar neighborhood.
Per NY Post:
Jay Z is leveraging his relationships with music artists to jump-start his own subscription music service — pulling ahead of rival hip-hop mogul Dr. Dre and music impresario Jimmy Iovine, who are big players in overhauling Apple’s upcoming Beats service.
Music industry insiders say Jay Z’s Tidal is already going head-to-head with Apple’s pointmen over the right to exclusively stream albums from Florence and the Machine, among other big-name artists.
“There’s only one person with a bigger Rolodex than Jimmy Iovine and that’s Jay Z,” said one source.
Jay Z, who also has his own Roc Nation record label, is pitching his streaming service as more artist-friendly than that of Apple, which developed a reputation for playing hardball with the record labels when it came to its iTunes service.
“Jay Z’s whole approach is, they’re created by artists, supported by artists,” said one label executive. “The more players, the better.”
The article points out that now that the industry is shifting to streaming and away from digital downloads, Apple is having a tougher time courting the music industry even with Jimmy Iovine and Dr. Dre.
Jay plans on announcing the new deal with a star-studded event in NYC on Monday. Rihanna, Madonna and Coldplay are rumored to be attending the glitzy presentation at the Eighth Avenue post office building.
Tidal is already available for $20 a month, while Apple’s Beats relaunch isn’t due until summer.