Jay-Z’s Tidal Reportedly Losing Millions
Not so good news for JAY-Z’s Tidal. According to reports, the music streaming service is reportedly losing tens of millions of dollars per year. Since the rapper turned mogul purchased Tidal in 2015, it is said that it has lost around $60 million — $44 million of which came in 2016 alone.
Still, Tidal reportedly claims it’s on track to turn a profit in mid-2018. A spokesperson for the company dismissed the report noting that Tidal has been battling bad press since the very beginning. The spokesperson says,
We have experienced negative stories about Tidal since its inception and we have done nothing but grow the business each year.
Last year, TIDAL made headlines when Sprint purchased a 33% stake in the company for $200 million. Sprint’s investment reportedly provided the company “working capital” for the next year to year-and-a-half.