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.
okies
ReplyDeleteOk o
DeleteAll the best to him. Linda take note!
DeleteLinda and it's news?
Delete-D great anonymous now as Vivian Reginalds
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.
ReplyDeleteU 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.
DeleteU 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.
DeleteRead again ur in a hurry
DeleteOk o,lets see how it goes
ReplyDeleteLIB ADDICT#just passing#
To sue peeps gv money dis days..
ReplyDeleteI wish it was naija..
Enugu's shoe maker
Their matter
ReplyDeleteGood
ReplyDeleteSerious issue
ReplyDeleteThis is why you always want to hire seasoned M&A professionals to handle due diligence on deals such as Tidal.
ReplyDeleteAll 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.
ReplyDeleteDid you even read the report? Sorry, skipping a vital step, do you know how to read??
DeleteU hurt urself, brother
DeleteSerious something
ReplyDeleteWell 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?
ReplyDeleteNawa oo.he l sort it out
ReplyDelete