Jay-Z’s streaming service Tidal ‘posts huge losses’

Written by on September 13, 2016

download-8Music 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.

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