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Lawsuits and losses, oh my.

JAY Z'S TIDAL TSUNAMI

With news of Jay Z's legal action against the former owners of his beleaguered streaming service, TIDAL, wonderers are wondering if what was formerly buyer's remorse on Jay's part has turned into a sense that he got taken in the deal.

Jay Z is reportedly asking the equivalent of $15m from the Scandinavian sellers, just over 25% of what he shelled out for the platform, on the grounds that the sellers misrepresented how many subscribers had previously signed up for it (previously thought to be 540k). Aspiro and the other former owners say that, as a publicly traded company, they had provided transparent information. 

TIDAL is by most accounts hemorrhaging money, and though it recently announced having hit the benchmark of 3 million subscribers, it has by any yardstick failed to gain significant marketshare in the streaming race. (It should be noted as well that according to rights holders, the service has no credibility whatsoever as regards its reported user or streaming numbers.)

Despite the promise embodied by its star-studded launch a year ago, TIDAL has neither liberated its artist-owners nor attracted many of their fans.

What's next? Stay tuned.

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