“Yesterday, musician Jay-Z and a number of other millionaire musicians announced the (re)launch of Tidal, a streaming music service,” Kirk McElhearn writes for Kirkville. “It had initially gained some small amount of traction in the audiophile market as a lossless music streaming service (under the name WiMP), notably with a good selection of classical music, before being purchased by Mr. Z.”

“While it still offers lossless streaming – in a more expensive plan – the basic Tidal offers 25 million tracks for the standard price of $10 a month,” McElhearn writes. “What sets it apart is the fact that it is the fact that the majority of the company is owned by artists… [including Rihanna, Kanye West, Madonna, Nicki Minaj, Jack White, Alicia Keys, Daft Punk, and Beyoncé] who, according to the New York Times, have not invested their own liquidity in the company, but have been ‘granted shares in exchange for their good-faith efforts to supply exclusive content'”

McElhearn writes, “This ownership means nothing, though, in the broader scheme of things.”

Read more in the full article here.

MacDailyNews Take: Just another also-ran set to be obliterated by iTunes Music.