Music mogul Jay Z has come forward to discuss the motivation behind putting together his new TIDAL streaming service and what it will do for musicians.

According to Young Hov, there’s a misconception of his new company being an overnight record label.

“I think the labels were a bit suspicious that we were creating a record company. It’s not a record company; if anything, it’s a record store. I have a record company. I don’t want another label. I’m happy with what I’m doing. But some were suspicious. We had talks, like, “Man, you guys also ought to bless this talent. We want you to be involved in this thing as well.” Again, we’re not even against other streaming companies. We want everyone to do well. We just want to carve out our section and let our voice be heard.” (Billboard)

Check out what Jay said about competition like Spotify on the next page…

Jay also talked about the idea of TIDAL trying to take down fellow music service Spotify.

“It’s not me against Spotify, but for us, you know, just the idea of the way we came into it, with everyone having equity, will open the dialogue — whether it be with the labels, the publishers or whoever, I think it’s those sorts of conversations that need to be had, and again, not by forcing anyone to do it. We’re not forcing anyone to do anything, we’re just introducing ideas, and I don’t know, maybe someone else comes up with the idea. Maybe someone from the label comes up with the idea, maybe a lawyer; someone finds a bunch of different things that we think will work.” (Billboard)

Jay took part in a TIDAL press conference this week to describe the service.

Alicia Keys emphasized that Tidal is the world’s first streaming platform owned by musicians. She went on to say that Tidal will deliver “exclusive experiences that will be available nowhere else.” Each artist and Tidal co-owner then signed a declaration that details their aim for the streaming service. The musicians then stood around awkwardly for a few minutes as the crowd took photos. (Business Insider)

The music superstars also took to their Twitter pages to promote the new campaign.