Rap mogul Shawn “Jay Z” Carter knows it takes money to make money. In a desperate bid to save his ailing music streaming service, Tidal, Jay Z reportedly offered $40 million to buy unreleased songs inside Prince‘s vault.
According to gossip tabloid TMZ, sources close to Prince’s family claim Jay Z offered $40 million in cash for the unreleased treasures inside the vault.
But a rep told Billboard.com the report is untrue.
L. Londell McMillan, an advisor to Prince’s estate, told Billboard he has “no knowledge of any discussions in that report,” and “there is no sale [of Prince’s music assets], and those responsible for the assets are not in discussions with anyone regarding a sale.”
Jay Z put Tidal up for sale last year but no one wants to buy a sinking ship.
USA Today — Since Jay Z bought in with a group of investors last year, losses are mounting. Aspiro, the Swedish-based holding company that controls Tidal, is burning through cash amid intense competition in the genre, The Wall Street Journal reports. Aspiro had a loss of $28 million last year, almost triple the loss recorded in 2014.
Although Jay Z, who certainly knows the music business, bought into Tidal, it has endured continued competition from a variety of music-steaming sources, from Spotify and Apple to YouTube. For the moment, Tidal is the dark spot among his many businesses in the U.S.
Thanks to loyal reader Django the god for the tip.
Photo: Splash News Online