Holy Grail

During this song, they mention a lot of other songs and artists, what effect does this have? What theories can you apply to this?

By Jay-Z mentioning loads of artist during the song, it has one of two effects, he's presenting himself as one of them or above them. By him mentioning multiple artist/performers it could imply that he likes them enough to include him in this song by giving them props, or, it could mean that they're so beneath him that he shouts them out as they were either once above him, or he sees himself as helping them out (in a negative egocentric way).
However, In this case it's none of the above,  Jay Z is comparing himself to other great artist/performers and expressing his love for the fame and bright lights a like them but is also analysing how unfortunate they, the artist turned out. He is discussing the music industry, how amazing, but also how cruel and how flaky it can be 'one day you're here, one day you're there' (as said in the chorus by Justin Timberlake).

I can apply Richard Dyers theory of pop stars. This song shows Jay Z as being a pop star as he evidently has brand awareness, he knows his brand and how much he's worth and the brand of those that he mentions that he mentions in his song, like international pop legend Michael Jackson and rock legends Nirvana.