(AllHipHop News) Ever since news reports broke in January that Jay Z’s S. Carter Enterprises subsidiary Project Panther put in a $56 million bid to purchase Aspiro, the Brooklyn-born businessman has become the face of Aspiro’s streaming service Tidal. Jay has defended his latest venture against constant criticism during a public appearance, on Twitter, and at his B-Sides concert in NYC.
[ALSO READ: Spotify’s Contract With Sony Music Leaks – How Does Spotify’s Stream Payout Compare To Jay Z’s Tidal?]
While Jay did announce he teamed with superstar musicians Beyoncé, Madonna, Kanye West, Nicki Minaj, Daft Punk, Alicia Keys, Usher, Rihanna, and seven other acts to re-launch Tidal as an artist-owned platform, many in the public have assumed Jay is the majority owner of the company. Tidal executive Vania Schlogel recently spoke with the Wallstreet Journal‘s Lee Hawkins about the service and Jay’s official role.
“The artist owners felt very passionately about the mission upon which Tidal is founded, and so the artists are equal owners in the company,” said Schlogel. “Jay’s capital that has gone in is at very – I would term it below market interest rate to support the company.”
[ALSO READ: EXCLUSIVE: Senior Executive Vania Schlogel Discusses How Tidal Will Compete Against Other Streaming Platforms (VIDEO)]
Watch Vania Schlogel’s interview below.