The rocker and his bandmate and wife Regine Chassagne are co-owners in the online app and they joined fellow investors including Jay Z, Beyonce, Kanye West, Daft Punk and Madonna at the programme's big unveiling in March (15).

However, Tidal's launch was met with much criticism as it was revealed the service would cost double that of other similar streaming apps, like Spotify, and Butler admits they should have turned to PR professionals to properly handle the event and any fall out.

He tells Britain's The Independent newspaper, "None of the artists knew anything about the PR. It was a poorly managed launch, but conceptually the thing that we liked about Tidal was that it's HD (high-definition) streaming quality."

Butler goes on to blame executives at the major record labels for pushing up the price of their subscription services, claiming, "They dictated that Tidal has to cost $20."

He continues, "The major label music industry has completely ruined every aspect of their business. At every step of the way they've had the tools offered to them to create an industry that works, and they've completely blown it. That's why we never had any interest in signing a contract with one of these companies because they're clearly completely clueless."

Of his and Chassagne's decision to invest in Tidal, he adds, "It seems silly, for fear of being embarrassed, to not at least sit at the table with Jay Z, Kanye and Daft Punk and talk about art and music and how it's going to be distributed."