Jay Z suing former owners of Tidal for $15m

The iconic rapper is according to reports, suing the original owners for misleading him in terms of the service’s performance and he wants 415million.

According to the UK Guardian, the lawyer’s representing Jay Z have now reportedly written to venture capital firm, Verdane and Scandinavian media conglomerate, Schibsted, accusing them of “significantly” exaggerating the service’s number of users.

Aspiro, which has now become Tidal, was sold by both companies, to a consortium led by Jay Z, also included “artist-owners” Madonna, Beyoncé and Rihanna for $57m (£40m) in March, 2015.
Tidal reveals in its note, that:

“We are excited that one year after Tidal launched, we have surpassed 3 million subscribers globally. The growth in our subscriber numbers has been even more phenomenal than we’ve previously shared.
“It became clear after taking control of Tidal and conducting our own audit that the total number of subscribers was actually well below the 540,000 reported to us by the prior owners. As a result, we have now served legal notice to parties involved in the sale.

“While we cannot share further comment during active legal proceedings, we’re proud of our success and remain focused on delivering the best experience for artists and fans.”

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