After a year in the box seat of Tidal (and rumours of a potential sale), Jay Z is heading into battle against the former owners of the streaming service, accusing them of using overstated subscriber numbers to boost the sale price of their service. Seeking $15 million, Z claims that after his holding company, Project Panther Bidco conducted an internal audit, it found that the subscriber base was much lower than stated by previous owners, Aspiro.
In a statement made to USA TODAY, Jay-Z says: “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.”
According to reports, the discrepancy could be a connected to bogus bonus subscription deals that Aspiro had with Norwegian and Polish cable and telecom providers. Needless to say, those on the receiving end of the accusations are standing their ground, stating that everything was all above board.
You’d hope so, too… Obviously Aspiro never paid attention to the lyrics to the Takeover, Jay-Z’s legendary Nas diss track.
Read about the claims here.