Jay Z Sues Former TIDAL Owners

Jay Z

While TIDAL seems to be gaining momentum in the music streaming world, it’s not turning out to be the successful investment Jay Z hoped it would.

The 46-year-old hip-hop mogul is suing the former owners of TIDAL, claiming that they presented him with inflated subscription data when he purchased the company last year. He is seeking $15 million from the streaming service’s ex-owner, Aspiro, and its major shareholders, Schibsted Media Group and Verdane Capital.

“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 in a statement. “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.”

Hov purchased the streaming company from Aspiro for $56 million last year and grew it’s global subscriptions to over three million. Despite Jay Z’s influence and his ability to attract millions of subscribers, TIDAL wasn’t able to really compete with streaming giants Spotify and Apple Music until the release of Kanye West’s exclusive album The Life of Pablo, which was reportedly streamed 250 million times in its first 10 days of availability through the platform.

(Photo Credit:Frederick M. Brown/Getty Images and Armand de Brignac)