Jay Z sues former owners of his music streaming service, Tidal | Welcome to Linda Ikeji's Blog

LI_Leaderboard_4

LI_Leaderboard_1

LI_Leaderboard_2

LI_Leaderboard_3

Friday, 1 April 2016

Jay Z sues former owners of his music streaming service, Tidal

Rapper Jay Z is suing the former owners of his music streaming service, Tidal, claiming they gave him an exaggerated figure of subscribers ahead of the sale.

According to reports, Jay Z filed paper work against Swedish venture capital company, Verdane claiming Aspiro and the music streaming platform WiMP, which would later become TIDAL, had far fewer than the 503k subscribers the company had claimed they had at the time of the sale.



Jay Z bought Aspiro for $56 million in March 2015. Jay Z is said to be seeking about $15m, according to Norwegian media.

Tidal released a statement saying: “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.”
 
Tidal’s celebrity backing has helped it rapidly make a mark on the streaming industry. It recently announced it has 3 million subscribers and had delivered 250m streams of Kanye West’s latest album, which launched exclusively on the service in February. Other artistes such as Beyonce, T.I, Lil Wayne, Damian Marley have recently signed up to the service.

21 comments:

Uju Phil said...

okies

GREAtson Vieriche CJ said...

official and corporate Fraudsters are every where disguised as cultured organisations only to rip people off their hard earned money! just imagine announcing 3 milli when they haven't even made half a milli. Jay sue their asses joor.

Iphie Abraham said...

Ok o,lets see how it goes








LIB ADDICT#just passing#

udeze obumneme said...

Gobe

Charles Okafor said...

To sue peeps gv money dis days..
I wish it was naija..
















Enugu's shoe maker

Pretty face said...

Ok o

PrettyChi said...

Their matter

ahabike daniel said...

Good

Jamila Shaibu said...

Serious issue

T ofio said...

U didn't grab the report. Tidal has hit 3million subscribers now but Jay Z is suing because his audit showed that the 520,000 subscribers Aspiro claimed it had before sale to Jay Z, was found to be far less.

T ofio said...

U didn't grab the report. Tidal has hit 3million subscribers now but Jay Z is suing because his audit showed that the 520,000 subscribers Aspiro claimed it had before sale to Jay Z, was found to be far less.

Juliet Iwuno said...

All the best to him. Linda take note!

Anonymous said...

This is why you always want to hire seasoned M&A professionals to handle due diligence on deals such as Tidal.

Isokoh Stanley said...

Read again ur in a hurry

Vivian Reginalds said...

Linda and it's news?
-D great anonymous now as Vivian Reginalds

chyyy said...

All this stupid black rappers, when they are cashless they ll start claiming nonsense damages & bleach of contract. When they hv dy keep spending it like idots.

Eddy Ogbunambala said...

Serious something

Anonymous said...

Well JayZ, I say you should fire someone important on your team. For the amount of money you paid your attorneys and team, someone should have sat down and verified all the data they were presenting. Is it only when you people are dealing Nigerians that you count every darn note?

Yetty k said...

Nawa oo.he l sort it out

Anonymous said...

Did you even read the report? Sorry, skipping a vital step, do you know how to read??

Anonymous said...

U hurt urself, brother

Recent Posts