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There is a new TIDAL wave coming to sweep the music industry and some of music’s biggest names are on the roster including Jay Z, Beyonce, Rihanna, Nicki Minaj, Usher, Madonna, Alicia Keys, Kanye West and more.

Jay Z has officially announced the launched of TIDAL, which is dubbed the first ever artists-owned music and entertainment service.

Several big named artists came out in New York yesterday for a star-studded press conference. Other artists who showed up include deadmau5, Jack White, Jason Aldean, Daft Punk, Arcade Fire, while Calvin Harris and Chris Martin chimed in via live video.

All these artists has equity stake in the company TIDAL and will host their music and videos on the platform.

“We come together before you on this day… with one voice in unity in the hopes that today will be a moment that will forever change the course of music history,” Alicia Keys told the audience. “Our goal is simple: We want to create a better service and a better experience for both fans and artists, and that is our promise to the world.”

TIDAL boast high quality music streaming of over 25 million songs and high-def music video of over 75,000 music videos with monthly rates at $9.99 for standard quality and $19.99 for premium quality.

TIDAL will compete with the likes of spotify Premium and Deezer Elite. Founding member Jay Z, says artists stands to make more money using TIDAL.

“Will artists make more money? Even if it means less profit for our bottom line, absolutely,” Jay Z said. “That’s easy for us. We can do that. Less profit for our bottom line, more money for the artist; fantastic.”