Jay-Z, Madge, Beyonce among others become co-owners of new music streaming service

Jay-Z along with Madonna, Beyonce, Kanye West and 13 others performers announced that they had become the co-owners of music subscription service Tidal.

At an event in New York, singer Alicia Keys spoke on the behalf of the singers and described the event as a "graduation" of the music streaming industry, the BBC reported.

Keys asserted that they came together before on this day, March 30th, 2015, with one voice in unity in the hopes that today will be another one of those moments in time, a moment that will forever change the course of music history.

Tidal offers 25 million music tracks, fewer than the 30 million offered by many rival services and comes with a standard subscription for 9.99 dollars a month.

Tidal which aims to compete with other streaming brands namely Spotify, Deezer and Google Play, also offers a "high fidelity" option for 19.99 dollars, which claims to deliver better sound quality.