Is Jay Z Bailing Out on TIDAL?
The internet is buzzing with rumors that Jay Z is looking to step down from his executive post at TIDAL, his new streaming music service.
Since the re-launch earlier this year, TIDAL has been struggling financially despite it being an artist-supported venture. According to HitsDailyDouble's Rumor Mill, Hov is allegedly trying to leave the company because it's costing him millions of dollars.
Tidal has gone eerily quiet of late, apart from statements of support from Nicki Minaj and Madonna, 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."
Executives at TIDAL believe that Birdman's $50 million copyright-infridgment lawsuit will ultimately be the downfall of the company. The Cash Money CEO is suing the company for releasing the Free Weezy Album on their service because they claim the label owns all of Tunechi's music.
Reps for Jay Z had no comment on the matter. However, someone at TIDAL posted a cryptic tweet on their Twitter account denying the HitsDoubleDaily report. "Lies can spread around the world while the truth is putting on its slippers - Mark Twain," reads the tweet.
While that tweet doesn't explain what's really going on at the company, we would much rather prefer an official statement from Jay Z or an executive at TIDAL.
For now, we have to wait and see how all of this is going to play out.
Do you think Jay Z is planning to jump ship from TIDAL? Tell us in the comments below.