According to a series of new reports, the Tidal app is as good as dead and its competitor, Spotify, is literally worth more money than the entire US music industry!
It’s been a few weeks since Jay Z and friends used non-profit rhetoric to promote their for-profit music app, Tidal. At the time, musicians including Madonna, Rihanna, Kanye West, Daft Punk, Nicki Minaj and Coldplay got together on stage and signed a declaration that they would commit to the music service because it paid artists fairly.
Except… all the artists on stage were paid to be part of Tidal. And they had a net worth in the BILLIONS!
They changed their Twitter icons to the same branded colour and spammed Twitter with “#TIDALforALL”. Which was hijacked and used to mock the service. It was seen as redundant, indulgent and greedy. Here’s one example:
— Funny Tweets (@FunnyThingsUK) March 31, 2015
Earlier this week, in unrelated news, The Wall Street Journal (via Business Insider) reported that thanks to a deal for new funding, Spotify might soon be worth $8.4 billion.
For comparison, Pandora is worth $3.5 billion and the US music industry is worth circa $7 billion. Which means… if the deal goes through… this will happen!
Complex Magazine notes, the artists who promoted Tidal upon its launch were quick to turn their backs on it. Madonna did so almost immediately by releasing new music on Meerkat (which failed due to a technical error) and Twitter’s app, Periscope.
In addition, Kanye West reportedly started going through his Twitter timeline and deleting any reference to Tidal.
The app isn’t doing that great in the App Store either. It reportedly peaked at number 83 then fell out of the top 750.
Jay Z even admits it’s been disappointing. Telling Complex: “Tidal artists haven’t been ‘as creative as possible’ in making exclusive content for the service.”
Tidal had a unique selling point (lossless sound) that fans never really asked for and it charged several times what similar apps charged per month.