According to reports Jay Z’s music streaming service, Tidal reported a huge loss in 2015 to the tune of $28 Million. However, according to the Wall Street Journal, “In June, Tidal said it has expanded its user base to 4.2 million paying subscribers, many of whom it amassed this year with a string of exclusive releases from artists such as Kanye West, Rihanna and Beyoncé, Jay Z’s wife.
Tidal has a long way to go before catching up to its main competitors, like Apple Music and Spotify. Apple Music boasts 17 million paying subscribers, while market leader Spotify has 30 million paying subscribers, reports WSJ.
According to USA Today, the financial statement reveals a company struggling to pay its bills.
In March, Jay Z filed suit against Aspiro AB, the Swedish holding company that he and a group of other musicians bought in early 2015. The rapper had issues with the number of subscribers that were reported at the time he purchased Tidal. Swedish media said the suit was about $15 million. Read more…