Entertaiment

Jay-Z's TIDAL Is Running Out Of Cash, Bleeding Users

Jay-Z's TIDAL Is Running Out Of Cash, Bleeding Users

Music streaming service Tidal is in dire financial straits, reports say. For example, Spotify, the music streaming market leader, lost over $580 million in the same period.

It's worth mentioning that Sprint made a 33 percent stake in Tidal at the beginning of this year.

"This investment, along with other sources of funding, gives the group sufficient working capital for the next 12-18 months", the company wrote in a report signed Juan Perez, according to Dagens Naeringsliv.

Some of its exclusive deals fell apart over time most notably with Prince's estate pushing into other streaming services after his death, and Kanye West terminating his exclusive contract over payment disputes. The paper reckons that the company lost about $44 million past year, leaving it with just enough cash to keep it going until early summer 2018. The company reportedly states it will break even soon, before becoming profitable in mid-2018.

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The outlet claims that since Hov purchased Tidal in 2015, it's lost around $60 million - $44 million of which came in 2016 alone. About six months later, he claimed the number had increased to 3 million, but it was actually 850,000.

Following the Dagens Næringsliv report, Tidal denied that it's on the rocks, saying in a statement that: "We have experienced negative stories about Tidal since its inception and we have done nothing but grow the business each year".

JAY-Z's Tidal may be on the verge of sinking.


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