Jay-Z, left, and Meek Mill make an announcement of the launch of Dream Chasers record label in a joint venture with Roc Nation, at the Roc Nation headquarters on Tuesday, July 23, 2019, in New York. Picture: AP

Meek Mill has partnered up with Jay-Z's Roc Nation to launch a new joint Dream Chasers label.

The 32-year-old rapper joined forces with Jay-Z, 49, to create a new joint business venture, Dream Chasers - which has been created to find and develop new talent - under Jay-Z's entertainment company, Roc Nation.

According to Variety, Meek - whose real name is Robert Williams - will serve as president of Dream Chasers and Meek is also planning to open a recording studio for the label's future artists.

In a statement about the new partnership, Jay-Z said: "Everything Meek has done leading up to this point shows he is ready to lead the next generation. We look at the big picture - this is way beyond signing artists and having hot records.

"I know he can make music - you've heard it. I think he cannot only make music, but make stars. Not only make stars but make films."

Meek wants to focus his career on "growing artists" and says he feels ready to dive in to the business side of music.

Speaking to Rolling Stone, Meek added: "I think the time is now. I'm 32 years old, I'm in a nice spot in the music business and I think it's time for me to focus on growing artists because that's what I love to do. 

"I love to spend time on helping artists grow, and I think it's time for me to dive in, business-wise."

Also taking the news to his social media, Meek posted a video of the rap duo signing on the dotted line in New York and quoted Jay Z, whose real name is Shawn Carter, saying they have to carve their own path in the industry.

Meek captioned the post: "@DreamChasers Records x @rocnation official joint venture label "Black entrepreneur, nobody did us no favors...Nobody gave us s**t, WE MADE US" - HOV (sic)"