2,495
online users
thotties       tv/movies       gaming       gear       tech       guap       rides       eats       health       bxwf       misc

Jay Z's Tidal Is Running Out Of Cash & On Verge Of Bankruptcy, Lost $368 Million This Yr


icon

more
ADVERTISEMENT
 
topics gone triple plat - Number 1 spot 3X PLAT



section  1   0 bx goons and 1 bystanders Share this on Twitter       Share this on Facebook
 

section hiphop
  

 6 years ago '10        #1
11193 page views
0 comments


HolyFatherSteve  topics gone triple plat - Number 1 spot x322
avatar
Props total: 75934 75 K  Slaps total: 50059 50 K
Jay Z's Tidal Is Running Out Of Cash & On Verge Of Bankruptcy, Lost $368 Million This Yr
 

 
image


A new report from Norway’s Dagens Næringsliv claims that Tidal is running out of money while user growth has stalled. The report suggests that Tidal may only have around six months of working capital left.

In a statement to The Verge, a Tidal spokesperson said, “We have experienced negative stories about Tidal since its inception and we have done nothing but grow the business each year.”

Tidal reportedly lost NOK$368 million (around $44 million) before taxes last year, according to DN. Still, for comparison, Spotify’s 2016 losses were around $581 million, though revenue was around $3 billion.

At the start of this year, Sprint purchased a 33 percent stake in Tidal. At the time, Jay Z’s business partner and Roc Nation Sports president Juan Perez reportedly said that the Sprint investment gave Tidal “sufficient working capital for the next 12-18 months,” according to DN. Tidal reportedly claims it will break even soon and then achieve profitability in mid-2018.

Tidal has not given any public subscriber updates in the months since the Sprint investment. Earlier this year, Dagens Næringsliv also reported that Tidal had been inflating subscriber numbers. Tidal claimed in 2016 that it had 3 million subscribers, but DN found that the number was closer to 1 million. In 2016, Jay Z said that the company he bought Tidal from had also been inflating numbers.

Meanwhile, Spotify announced this summer that it had more than 60 million subscribers, while Apple Music has more than 30 million.
 https://www.theverge.com/ .. int-investment


Last edited by HolyFatherSteve; 12-12-2017 at 03:34 PM..



icon
best
icon
worst
0 comments

say something...

ADVERTISEMENT
Sign me up
 
 

yesterday...


most viewed right now
props+4113
Video inside This is Janet Jackson. She will be 58 this year 💋
68 comments
1 day ago
@hiphop
most viewed right now
props+5212
Video inside Man builds backyard bar to get away from his wife..
77 comments
1 day ago
@wild'ish
most viewed right now
props+338
Post A Moment That Finished An Artist Career
286 comments
1 day ago
@hiphop
most viewed right now
4
Birdman and slim pull up to a drake j cole concert
21 comments
22 hours ago
@hiphop
back to top