Tidal Music Streaming Service Embraces User-Centric Strategy as Key Philosophy
In the two decades since Metallica sued Napster in 2000 over unauthorized distribution of their music, the landscape of music streaming has seen significant growth and ongoing tension between artists and platforms. Today, the global music streaming market is projected to generate revenues of $29 billion this year, with over 1 billion users by 2027. streaming revenue making up 84% of the industry total.
Key players in the music streaming sector include Spotify, Tencent Music, YouTube Music, Apple Music, Amazon Music, Soundcloud, SiriusXM, Deezer, Tidal, and Qobuz. TechRadar highlights the best music streamers of 2024, catering to various preferences such as access to extensive libraries, superior sound quality, or unique features like song lyric recognition and music quizzes.
Notably, Tidal and Qobuz have cultivated a strong following among audiophiles seeking high-quality audio experiences. Tidal, originally a Norwegian-Swedish company, was acquired by US rapper Jay-Z in 2015 and later by fintech firm Block Inc. (previously Square), owned by Twitter co-founder Jack Dorsey. Dorsey explained the acquisition as an opportunity to develop new ways for artists to support their work.
Historically, Tidal has struggled with low subscriber numbers compared to its competitors. However, Block Inc.'s involvement may help turn the tide. Tidal's new strategy includes a greater focus on its RISING program, which aims to empower new artists with resources, tour budgets, and insights into the connection between paid media and streaming numbers. Tidal's CEO emphasizes that the platform's support for artists must extend beyond stream monetization.
This focus on artists mirrors Metallica's concerns from the Napster lawsuit, in which drummer Lars Ulrich asserted the need for control and consent over the use of their music. Additionally, Tidal's CEO has addressed the argument that streaming has driven down the perceived value of music over the past two decades, stating that music is undervalued and underpriced. To foster closer connections with fans, Tidal is developing Artist Home, a platform for artists to manage their presence and engage with audiences more directly.
While competitors like Spotify, Amazon, and Apple Music offer similar services for artists, Tidal appears to be leading the way in empowering artists and placing fans at the center of its strategy. This focus on artist-centric service may set the standard for other streaming platforms to follow. Despite the continued growth of music streaming, achieving consistent growth in subscriber numbers remains challenging for some platforms. TikTok's attempt with TikTok Music, which will close next month, underscores the difficulty of direct competition with established players. Ultimately, the evolution of music streaming should continue to prioritize artists and fans in its strategy.
- In the realm of music streaming, Tidal, recently acquired by Jack Dorsey's fintech firm Block Inc., is emphasizing artist support through a greater focus on its RISING program and the upcoming Artist Home platform.
- Tidal's CEO recognizes the dismissive attitude towards music's value since the Napster lawsuit, asserting that music is not only underpriced but also undervalued.
- As Tidal strives to place fans at the center of its strategy and empower artists, it sets an example for other streaming platforms to prioritize artist-centric services and establish closer connections with listeners.
