Jay-Z is preparing to take legal action against the original owners of the Tidal streaming service. He alleged that Aspiro’s major shareholders exaggerated how many subscribers Tidal had when his business operation took over. He’s looking to reclaim roughly 100 million Norwegian krone (~$15 million).
So far, the Aspiro shareholders haven’t had much to say about the potential lawsuit. “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,” Anders Rikter, communications manager for shareholder Schibsted, told Norwegian press outlet Dagens Næringsliv.
Tidal has been in Jay-Z’s hands for a year now, and has turned in a solid performance in that time, hitting 3 million subscribers.
I’m not convinced 3 million subscribers is enough to make it viable. Not considering how much money has to be paid out on licencing music.
It would be interesting to see the financials on Tidal. I mean, assuming there is 3 million PAID users, and not total users, paid or otherwise, then it should be earning at least $29 – $30 million a month. But what does that translate into actual revenue?
And in comparison to users, Spotify is reporting 30 million paying subscribers as of March 2016. So with that figure, Spotify generates around £299+ million per month.