Jay Z plans music streaming service
Jay Z will announce his own music streaming service to rival Spotify tonight, confirming a revamp of a technology company the rapper-turned-businessman purchased earlier this year.
At an event in New York, the musician is set to unveil an updated version of the Tidal music service, and will announce "a commitment to a new direction for the music industry from both a creative and business perspective".
Jay Z, real name Shawn Carter, bought Swedish tech company Aspiro in early 2015, one of whose services is music streaming site Tidal, in a deal worth 56 million US dollars (£37.8 million).
Industry analysts expect to see the launch of a service that will rival Spotify in the streaming and listening of major music tracks.
Spotify currently has 30 million tracks available on its service, with 15 million paying subscribers.
Several musical heavyweights, including the likes of Rihanna, Usher, Kanye West, Coldplay and the rapper's wife Beyonce have altered their social media accounts to match the teal blue colour of Tidal's website to show their support for the new service.
Jay Z's official Twitter account posted: "'The Tides They Are-A Changing'", while Kanye West added: "Together, we can turn the tide and make music history."
The announcement comes on the same day that Spotify launched a new partnership with Sony that sees the Swedish-based music service powering the new PlayStation Music app which will begin to appear on Sony's flagship games console.
Late last year, Taylor Swift removed her entire music catalogue from Spotify citing a lack of royalties reaching artists, however the US singer's back catalogue is on the Tidal service.
According to Tidal's official website, the music platform currently has two service options: £10 a month and £20 a month, the higher priced of which comes with high definition audio and video. At £20 a month, it is double the price of Spotify Premium. There is said to be no free version of Tidal beyond the initial 30-day trial period.
Tidal's lossless high fidelity audio is said to be on a par with CD quality, but available as a stream from the cloud. The firm's official website describes the upcoming announcement as "introducing the first music streaming service that combines the best high fidelity sound quality, high definition music videos and expertly curated editorial".