Overnight, reports surfaced from Scandinavia that Jay Z's TIDAL would be filing a lawsuit estimated to be worth $15 million against former owners Aspiro over exaggerated subscribers claims prior to the sale. This morning TIDAL confirmed the lawsuit and the reason behind it. Here's the full text of the TIDAL statement.
Statement from TIDAL
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.