• 03.31.16

Jay Z preparing “giant lawsuit” against Tidal’s former owners (Updated)

The rapper and “business, man” claims that Aspiro, the former owner of Tidal, gave him misleading worldwide subscriber numbers, reports Business Insider. In January 2015, Aspiro reportedly told Jay Z that Tidal had 503,000 worldwide subscribers, a number disputed by the rapper, who is seeking about $15 million from Aspiro. Jay Z bought Tidal in March 2015 for about $57 million.

[Photo: landmarkmedia via Shutterstock]

A representative of Aspiro’s major shareholders told a Swedish paper “We want to point out that it was a publicly traded company that was acquired, [which means] transparency of financial reporting [was required]. Otherwise we have no comments.” Just this week Tidal announced it now has 3 million paying subscribers. (by Michael Grothaus)

UPDATE: Tidal emailed Fast Company the following statement:

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.