TIDAL and Universal Music Group Partner to Develop More Artist- and Fan-Friendly Streaming Model
31 Gennaio 2023 - 5:49PM
Business Wire
TIDAL, the global music and entertainment platform, and
Universal Music Group (UMG), the world leader in music-based
entertainment, today announced that the two companies will work
together to explore an innovative new economic model for music
streaming that might better reward the value provided by artists
and more closely reflect the engagement of TIDAL subscribers with
those artists and music they love.
Streaming has revolutionized music, catalyzed industry growth,
transformed the entertainment experience and provided incredible
opportunities for engagement, to the benefit of artists and fans
alike. As it has gained mass adoption over the past decade, there
is more desire from all parties to look at how to best economically
align fans’ interests with those of their favorite artists.
TIDAL and UMG will research how, by harnessing fan engagement,
digital music services and platforms can generate greater
commercial value for every type of artist. The research will extend
to how different economic models could accelerate subscriber
growth, deepen retention, and better monetize fandom to the benefit
of artists and the broader music community.
“From day one, TIDAL has stood out as artist-first, leading with
a premium subscription tier to pay artists more and experimenting
with new ideas like fan-centered royalties to see if there are
fairer and more equitable ways to get artists paid,” said TIDAL
Lead Jesse Dorogusker. “We are setting aside our current
fan-centered royalties investigation to focus on this opportunity
for more impact. We’re thrilled to partner and learn along the way
about the possibilities for more innovative streaming economics.
This partnership will enable us to rethink how we can sustainably
improve royalties’ distribution for the breadth of artists on our
platform."
“As the digital landscape continues to evolve, it’s become
increasingly clear that music streaming’s economic model needs
innovation to ensure a vibrant and sustainable future,” said
Michael Nash, UMG’s Executive Vice President, Chief Digital
Officer. “Tidal’s embrace of this transformational opportunity is
especially exciting because the music ecosystem can work better –
for every type of artist and fan – but only through dedicated,
thoughtful collaboration. Built on deeply held, shared principles
about the value of artistry and the importance of the artist-fan
relationship, this strategic initiative will explore how to enhance
and advance the model in keeping with our collective
objectives.”
About TIDAL
TIDAL is a global music platform that helps fans and artists
fully immerse themselves in their love of music. By helping artists
with their business so they can focus on their craft and offering
experiences that elevate how fans engage with music, artists and
each other, TIDAL is the best platform for artists, fans, and all
things music.
Available in 61 countries, the streaming service has more than
90 million songs and 450,000 high-quality videos in its catalog,
along with original video series, podcasts, thousands of expertly
curated playlists, and artist discovery via TIDAL Rising. TIDAL is
available in Free (US only), HiFi, and HiFi Plus tiers, with the
HiFi Plus membership offering access to immersive audio features
like Master Quality Authenticated (MQA) recordings, Dolby Atmos
Music, and Sony’s 360 Reality Audio recordings; for a higher
monthly fee that TIDAL redistributes back to artists.
TIDAL is part of Block, Inc. (NYSE: SQ), a global technology
company with a focus on financial services.
For more information, please visit www.tidal.com.
About Universal Music Group
At Universal Music Group, we exist to shape culture through the
power of artistry. UMG is the world leader in music-based
entertainment, with a broad array of businesses engaged in recorded
music, music publishing, merchandising and audiovisual content.
Featuring the most comprehensive catalogue of recordings and songs
across every musical genre, UMG identifies and develops artists and
produces and distributes the most critically acclaimed and
commercially successful music in the world. Committed to artistry,
innovation and entrepreneurship, UMG fosters the development of
services, platforms, and business models in order to broaden
artistic and commercial opportunities for our artists and create
new experiences for fans. For more information, visit
www.universalmusic.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230131005890/en/
TIDAL: Sade Ayodele, Head of Communications -
sayodele@tidal.com Universal Music Group, global
communications: James Murtagh-Hopkins
james.murtagh-hopkins@umusic.com
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