JAY-Z’s streaming service TIDAL is running out of money, according to Norwegian publication Dagens Næringsliv. Despite January’s $200 million deal with Sprint, which saw the communications company purchase a 33 percent stake in the company, TIDAL reportedly lost $44 million in revenue last year (before taxes). Consequently, the streaming service reportedly has just enough capital to last another six months.
A spokesperson for TIDAL disputed the claims in a statement to Engadget.
“We have experienced negative stories about TIDAL since its inception,” they said. “We have done nothing but grow the business each year.”
In addition to the money woes, there’s also discrepancies in the number of TIDAL subscribers. In September 2015, Hov tweeted that TIDAL had collected one million subscribers, but Dagens Næringsliv found information revealing the number was closer to 350,000. In early 2016, the Hip Hop mogul then said the company had hit three million subscribers when it was really 850,000.
The 4:44 MC has remained quiet about TIDAL’s numbers since then.
Kanye West, Hov’s Watch The Throne collaborator and current rival, ended his contract with TIDAL in July, claiming he’s owed millions of dollars.
For now, TIDAL is up and running despite the reported financial trouble. Earlier this month, the company celebrated Hov’s 48th birthday with exclusive footage of the Brooklyn legend.
Whats it matter its all bank money and large corporations buying stakes on bank loans so when it does bust the government just cuts bailouts because banks are too large to take losses without hurting the citizenry and its just back to business as usual after pointing some fingers at shitty CEO’s and accountants economics 101….its why the poor are so poor and the rich are so rich… systems in place to protect the ultra wealthy at the cost of the already struggling poor… and this fat little crossainy lipped bitch is one of the best in the game at it then loves standing up for the same people its hillarious the common sheeps too retarded to even catch on…
Ohhh whatta shame! Lol
This article is racist, sexist, AND antisemíc cuz it’s against Jay Z
You Gay Z & Cockafella Records???
And yall pray and pray and pray on his downfall…..smh… Guarantee you Tidal will be around beyond 6 months. Terrible reporting.
are the hawaiian shirts okay at least?
Lost $30mil so I spend another 30 ’cause unlike Hammer 30 million can’t hurt me
Hopefully, Things will turn around for Tidal in the next quarter. Sometimes in business the balance sheet will show things versus the actual facts. Maybe this is a publicity stunt to get me people to go to the service to increase business. Anyway, Jay-Z is not worried about it.
Nobody is paying for music anymore ….
They are just pennies for unlimited access to whole catalogs of artists for a meager $120 per year average per service… thats 6 albums at $19.99 not even counting tax… easy solution.. tour tour tour merch merch merch meet and greets meet and greets and meet and greets thats where the $$$$ is for artists today but most are too lazy…
That’s $120 a year I can invest in something else.