UPDATE 3/30 5:30 PM: Jay Z just wrapped up a press conference in New York with a huge roster of music heavyweights. The rap mogul apparently shares ownership of Tidal with Rihanna, Kanye West, Beyonce (obviously), Madonna, Deadmau5, Calvin Harris, Chris Martin of Coldplay, Win Butler and Régine Chassagne of Arcade Fire, Jack White, Daft Punk, Usher and more. The majority of this elite roster joined forces today to officially announce the new paid music streaming service. Alicia Keys took the podium to discuss the “first ever artist-owned global music and entertainment platform.” “We want to create a better service and experience for fans and artists,” Keys explained on behalf of the group. “Our mission goes beyond commerce and technology.”

Watch below:

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Jay Z has announced plans to unveil an artist-friendly, paid music streaming site called Tidal. The rap mogul acquired Tidal after a $56 million deal with Scandanavian music platform Aspiro. 

More details are promised to be unraveled, but as of now Tidal is described on their website as “the first music streaming service that combines the best High Fidelity sound quality, High Definition music videos and expertly Curated Editorial.” Users have the option of paying $19.99 a month for high-fidelity audio, or $9.99 for standard quality audio. TIDAL can be streamed on the web or downloaded on iOS/Android.

Jay Z will conduct a “special announcement” in New York at 5 PM this evening about the service. The press conference will be streamed on Tidal’s website.

Artists have begun turning their social media profile photos blue to show their support of the service and promoting the hashtag #TIDALforALL.