JAY Z suing previous TIDAL owners
Allegedly JAY Z is suing previous TIDAL owners in what appears to be a crash and burn move that nearly everyone could see coming; except for the out of touch mogul and his yes-people.
We reported before that he had plans to sell Tidal and cut his losses, suing the previous owners is the next and likely inevitable step. However, TIDAL insists that it’s on an upward trajectory and that JAY Z suing the previous TIDAL owners has all to do with the inaccurate subscriber numbers they claimed to have had at the time of the sale.
TIDAL recently reported that it had reached 3 million subscribers worldwide, and also claiming that Kanye West’s The Life Of Pablo had been streamed 250 million times on its service in the first ten days.
For the sake of comparison Justin Bieber’s Purpose recently broke Spotify records with 205 million worldwide streams in its opening week, over Spotify’s 100 million users. The TIDAL numbers therefore don’t really add up.
He’s a businessman so of course he wants to recoup his investment. But this most recent, very public failure and the embarrassment that comes with it might be affecting his ego even more.
The Nordic business press have referred to JAY Z suing previous TIDAL owners as a quote “giant lawsuit”. He is attempting to claim back an amount in the ‘region of 100 million’ in Norwegian Krone, which would be about $15m. Jay Z bought TIDAL and parent company Aspiro for 464m Swedish Krone ($57m) about a year ago.
TIDAL released the following statement to Music Business Worldwide:
“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.”
JAY Z suing previous TIDAL owners and attempting to save face appears to be a significant stumbling block for the mogul.
Sourced
