If a report by gossip rag TMZ is to be believed, Kanye West has quit his role as one of the founding shareholders of Jay-Z’s streaming service, TIDAL.
According to TMZ, “sources close to Kanye” have said his representatives sent TIDAL a legal letter a month ago claiming it owes him over US$3 million.
It claims the streaming firm was in breach of contract following the release of Kanye’s most recent studio album, The Life Of Pablo.
Apparently, because it was released as a TIDAL exclusive for six weeks last February – and resulted in 1.5 million new subscribers – Kanye should have been paid an agreed bonus as a result.
Additionally, TMZ‘s report notes that Kanye hasn’t been reimbursed for the release of music videos despite TIDAL claiming Kanye didn’t hold up his end of the bargain and deliver the agreed number of videos.
TMZ reports Kanye’s lawyer has sent a second letter to TIDAL, cutting ties with the business.
If reports are in fact true, Kanye could have a suit of his own on his hands. If Jay-Z and Sprint (which owns a 33% stake in TIDAL) believe Kanye is under an exclusive contract, they have a right to sue if he starts up a relationship with a competitor like Apple Music or Spotify.
As one of 16 founding artist shareholders, Kanye, along with artists like Alicia Keys, Chris Martin and Deadmau5, is believed to have received a 3% equity stake.