Rapper and entertainment mogul Jay-Z reintroduced his streaming music service Tidal to the world Monday, which has the support of top-level artists from Beyonce to Daft Punk. The idea behind the platform, according to executives, is to tip the music business’ scales in favor of artists, who will have a stake in the company.
But Tidal isn’t an entirely new product: It was originally run by Swedish company Asprio, which Jay-Z quietly bought earlier this year for $56 million. Jay-Z has since revealed to Billboard why he made the big-money move:
Tidal will be up against competition from companies like Spotify and Apple, the latter of which recently purchased the Dr. Dre and Jimmy Iovine co-founded Beats Music. Apple is said to be rejiggering Beats’ streaming service into a revamped offering of its own with a heavy emphasis on exclusive releases.