Jay Z launched TIDAL with much hype, touting high fidelity sound, artist as owners and plenty of exclusives, for a fee. But now a rumor is floating that Hova is looking to get out of the streaming business because he’s losing money.
Interestingly, it could be dropping Lil Wayne’s FWA that is hitting Jigga in the pocket enough to have him looking at the exit, allegedly.
Reports Hits Daily Double:
Tidal has gone eerily quiet of late, apart from statements of support from Nicki Minaj andMadonna, and the word is that Jay Z is looking to get out. This ambitious undertaking has cost him millions of his own money because he never got the expected funding, he still hasn’t paid the licensing fees to the rights holders and no one is likely to throw him a life preserver and bail him out, so he has little choice at this point except to stop the bleeding. What will his exit strategy look like? Interesting to note that it’s not Apple, Sony, UMG or WMG that could be putting the final nail in the Tidal coffin, but Cash Money’s Slim and Baby Williams, with their copyright-infringement suit against the service for its recent exclusive with alienated label artist Lil Wayne.
Considering all the resources going in to Apple Music, Jay Z had the right idea stepping into the streaming realm.
It’s too early to say if this rumor truly holds water, though.