Jay-Z Is Really Mad About How Tidal Turned Out
And he could be taking legal action against the former owners.
From the start, Tidal seemed like a weirdly exclusionary and abstractly luxurious idea, almost destined to fail because of the absurdity of its premise. Like, y'all know you can just steal pretty much any song you want off the Internet right? You don't actually have to pay for media anymore, you know that right?!
Anyway, Jay-Z is really angry because he didn't really think this whole thing through. Jay had invested over $56 million in the company but the profits he's reaping are certainly not what he expected, leading to even his closest friends moving away from the streaming platform (see: The Life of Pablo is now streaming on Spotify, too).
But just how angry is Mr. Carter? So angry he's thinking about pursuing legal actions against the former owners of the company. The potential lawsuit would accuse the former owners of inflating the number of subscribers Tidal had before Jay's investments.
It was only a year ago that Jay-Z hosted a scandalously opulent release party for the service, essentially featuring a cavalcade of incredibly wealthy artists asking for even more of your money.
What do the former owners of the company have to say on the suit? “We disagree with the accusations in the letter and any potential claims,” a spokesman told Bloomberg. “We would like to point out that the company was listed on the stock exchange with everything that entails regarding transparent financial reporting.” The spokesperson would not confirm the suit.
Tidal currently has 3 million subscribers. Meanwhile, I'll be over here, waving my pirate flag.