Universal Music Group (UMG), the world’s largest record label, recently announced a partnership with music streaming platform Tidal. The aim of this collaboration is to create an artist-friendly streaming model which will provide fans of UMG’s music with more meaningful experiences.
The partnership sees two of the biggest names in music streaming come together to develop new ways for artists and labels to engage with their fans. As part of the deal, UMG will own a portion of Tidal’s equity and will be able to provide exclusive content such as live concerts, special releases, and behind-the-scenes footage.
Tidal CEO Richard Sanders has stated that this partnership with UMG is “a step forward towards creating a truly artist-friendly streaming economy”. He also mentions that this model could revolutionize the industry by allowing artists to have more control over their work and better monetization opportunities.
What Can We Expect From The New Artist-Friendly Streaming Model?
In addition to providing exclusive content, Tidal has also unveiled new features tailored specifically for its subscribers who are UMG customers. These include exclusive playlists curated by top UMG artists and bonus digital downloads for select albums bought through the platform. This allows fans to receive something tangible in return for their subscription fee – something that other streaming services don’t offer.
In a statement about the partnership, Sir Lucian Grainge, Chairman & CEO of UMG said: “It is our goal at UMG to maximize value for all stakeholders across our business – from artists and songwriters to creators and consumers – and we believe that our new relationship with TIDAL does just that.”
The new collaboration between Universal Music Group and Tidal has been met with excitement from both industry insiders and casual fans alike as it promises to provide more meaningful experiences for audiences worldwide while also giving artists better control over their work. Only time will tell if this model will become widely adopted but it’s clear that it could represent a major shift in how we consume music online going forward.
Source: Music Business Worldwide