Jay-Z’s streaming service Tidal ‘posts huge losses’
Written by Morenike Adebayo on September 13, 2016
Music streaming service Tidal, owned by rap star Jay-Z, posted heavy losses last year and has had trouble making payments on time.
Reports say Tidal’s parent group, Aspiro posted a loss of twenty-eight million dollars last year, according to Norwegian business daily Dagens Naeringsliv, which examined the unlisted company’s accounts.
Tidal has also received around a hundred payment default records since Jay-Z bought the company through his holding group Project Panther Bidco for fifty-six million dollars in March 2015. It has four hundred and thirty-eight thousand dollars in outstanding payments due.
Jay-Z’s lawyers have accused Tidal’s former owners, including Norwegian media group Schibsted, of overstating the number of paying customers and having embellished the accounts ahead of the sale, a charge they have denied.
Tidal soared in popularity early this year after Beyonce — Jay-Z’s wife — released her latest album “Lemonade” exclusively on the service, although it was also broadcast in a film version on HBO and quickly made available on iTunes.