Jay Z Rapper reportedly suing former owners of Tidal for $15m

A year after Jay Z purchased a barely known music service, transforming it into a music streaming firm now know as Tidal, the rapper is reportedly suing the former owners for the sum of $15million.

The iconic rapper is according to reports, suing the original owners for misleading him in terms of the service’s performance.

According to the UK Guardian, the lawyer’s representing Jay Z have now reportedly written to venture capital firm, Verdane and Scandinavian media conglomerate, Schibsted, accusing them of “significantly” exaggerating the service’s number of users.

Aspiro, which has now become Tidal, was sold by both companies, to a consortium led by Jay Z, also included “artist-owners” Madonna, Beyoncé and Rihanna for $57m (£40m) in March, 2015.

Tidal reveals in its note, that:

“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.”

Earlier in March, it was reported that the rapper turned billionaire entrepreneur, had fired two Tidal executives, CFO Chris Hart and COO Nils Juell, over the changes in management and restructuring.

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