Will Jay-Z’s ‘Tidal’ sink or swim?

LONDON, ENGLAND - SEPTEMBER 09: Jay-Z performs during the closing ceremony on day 11 of the London 2012 Paralympic Games at Olympic Stadium on September 9, 2012 in London, England. (Photo by Peter Macdiarmid/Getty Images)

Entertainment mogul Jay-Z is not just a businessman; he’s a business.

Rapper and media mogul Jay-Z unveiled a new streaming service at a star-studded event in New York on Monday. His new service, Tidal (like the wave) will compete with long established companies like iTunes and Spotify, but there are some key differences. The biggest? The service will cost listeners about 10 dollars a month to start, and 20 dollars a month for CD-quality sound.

The service has been described as a platform by artists, for artists. Seventeen other musicians are part of the venture, including Madonna, Alicia Keys and Beyoncé. Tidal will pay artists more than the company’s competitors, but critics say that it will be difficult to get listeners to pay when they’re used to getting music for free.

Billboard Magazine’s

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talked about the future of the music streaming industry with Alex Cohen.