Tidal has been… less than successful, to put it lightly. Even the numerous big name artists like Madonna and Nicki Minaj supporting the music streaming service haven’t been enough to save the music streaming service’s reputation, and therefore its success. Things have gotten so bad that the service’s owner, Jay-Z, is reportedly looking to cut his losses and abandon Tidal.
Rumours out of the American music industry suggest that Jay-Z is looking to bail out of his multi-million dollar streaming service, Tidal. Despite recent statements of support from megastars Madonna and Nicki Minaj, Hits Daily Double reported that the hip hop king has had enough of the venture because it’s draining his money. Jay-Z has significantly funded the ambitious streaming platform, however he’s never received any back-up cash he expected from other new investors keen to cash in on a burgeoning music empire. Jay-Z purchased the service for $56 million in March to make it a private company co-owned by stars including Madonna, Kanye West and Rihanna. The whispers come a couple of weeks after Birdman’s Cash Money Records (CMR) group announced it was suing Tidal because it debuted a Lil’ Wayne track CMR had an exclusive deal with. But Tidal has been engulfed in controversy since Jay-Z took over.