Friday, April 1, 2016
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.
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