(AllHipHop News) Industry leader Spotify does not seem to be too concerned about new competitor Tidal. The streaming company that was purchased by Jay Z earlier this year has had a rough start after its relaunch in March. However, Tidal has gained attention for its exclusive content and its payout rate to artists which is reportedly close to four times the rate of Spotify.

[ALSO READ: Tidal Royalty Pay Out Reportedly Almost 4X As Much As Spotify]

Spotify’s chairman, Martin Lorentzon, spoke at the STING Day conference in Stockholm, Sweden last week. The executive was asked if he was worried about the rise of Tidal. According to people in attendance, Lorentzon responded by saying, “I’ve got 99 problems – and Jay Z ain’t one.”

Over 10 million people are paid subscribers to Spotify with 30 million active users of the free option. Tidal currently has around 700,000 paid subscribers. It does not offer a free service.

Jay Z’s platform currently provides streaming of movies, live concerts, and video premieres. Tidal has also announced a Discovery program to highlight independent and rising artists.

Spotify could be adding video content to its service as well. The company has a major announcement scheduled for May 20 in New York City.