Rapper, JAY-Z’s Tidal may be on the verge of crumbling. The music streaming service is reportedly losing money to the tune of tens of millions of dollars per year, and may not have enough dough to stick around for another six months, Norwegian newspaper Dagens Næringsliv reports.
The outlet says that since JAY-Z purchased Oslo-based Tidal in 2015, the company has lost some $60 million — $44 million of it in 2016 alone, despite claims it’s on track to turn a profit in mid-2018. However, a spokesperson for the company has dismissed the report, saying Tidal has been battling bad press since the very beginning.
“We have experienced negative stories about Tidal since its inception and we have done nothing but grow the business each year,” the spokesperson told the Daily News in a statement. The report comes nearly one year after Sprint purchased a 33% stake in the company for $200 million.
According to DN, JAY-Z’s business partner Juan Perez at that time reportedly claimed Sprint’s investment would give the company “working capital” for the next year to year-and-a-half.
Source: News agencies