Jay Z Is Reportedly Suing TIDAL’s Former Owners For A Hefty $15 Million
Jay Z is reportedly suing the former owners of TIDAL, accusing them of presenting him with inflated subscription data when he bought the company in 2015, USA Today reports. Turns out, now HOV is seeking a cool $15 million from ex-owner Aspiro, and its shareholders, Verdane Capital and Schibsted Media Group.
Last year, Jigga paid $56 million to purchase the music streaming service. Since then, it has gained over three million global subscriptions. This in part is due to Kanye West’s stellar The Life of Pablo album, which according to various reports was streamed 250 million times in its first 10 days of availability.
Still, after conducting some research, Jay found some major discrepancies.
“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,” TIDAL told USA Today. “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.”
Schibsted responded to this claim through Breakit, a news site from Norway, stating: “We want to point out that it was a publicly traded company that was acquired, with what it means by the transparency of financial reporting,” the company revealed. “Otherwise we have no comments.”
Further details for this story are pending.