Jimmy Iovine Failed to Lure Music Artists Away from Tidal, Says Jay Z
Jay Z, who recently re-launched popular streaming music service Tidal, has claimed in an interview that Apple’s Jimmy lovine failed in his efforts to lure away many of the famous artists who were engaged with Tidal.
Mr Jay Z was talking to Billboard when he acknowledged earlier rumors about Iovine’s attempts of enticing top-selling artists by offering more cash. But, Jay Z said he wasn’t angry at Iovine’s because he believed it was a justifiable act from a competitor businessman.
“I think that’s just his competitive nature, and I don’t know if he’s looking at the bigger picture: That it’s not about me and it’s not about him; it’s about the future of the music business.”
Further in the interview, Jay Z said that he sees enough room for all the music services including Apple’s Beats, Spotify and Tidal to exist in the streaming arena. The star rapper went on saying that all the companies should focus on making things easier for musicians.
“My thing with Jimmy is, ‘Listen, Jimmy; you’re Jimmy Iovine, and you’re Apple, and truthfully, you’re great. You guys are going to do great things with Beats, but … you know, I don’t have to lose in order for you guys to win, and let’s just remember that,'” Jay Z told Billboard.
“Again, I’m not angry. I actually told him, ‘Yo, you should be helping me. This is for the artist. These are people that you supported your whole life. You know, this is good.'”
Jay Z revealed Tidal’s policy for getting artist’s consent for exclusive releases: instead of small royalty payments, Tidal gives them an equity share in the company’s business. The equity stakes, however, are larger for those artists who joined Tidal in the first round. Though with a smaller stake, Tidal welcomes new comers too, Jay Z observed.
“Will artists make more money? Even if it means less profit for our bottom line, absolutely. That’s easy for us. We can do that. Less profit for our bottom line, more money for the artist; fantastic. Let’s do that today,” the hip-hop star said.