Jay-Z’s Tidal Reportedly Struggling to Survive, Losing Millions

at 3:04 pm | By

Is Tidal on the way out?

Tales of financial trouble have plagued Jay-Z owned streaming service Tidal from its inception. The mere mention of the subscription-only platform is likely to bring out “did you hears?” about its potential insolvency (if it doesn’t get a confused “what’s that?”). So, we’ve heard that the sky is falling over Jigga’s on-demand empire before. However, this time it seems like it might be for real.

According to Norweigan newspaper Dagens Næringsliv, the service is hemorrhaging money and might run up against the end of its assets in the next six months.

The paper reports that renowned businessman Jay-Z might have made a bad investment. He paid $56 million for the company back in 2015. According to the latest figures from Næringsliv, the company has lost a considerable amount more than that since the acquisition. They say that Tidal’s total losses account for $60 million, with $44 million of that coming just last year.

However, Tidal denies the allegations that the company is on a collision course with insolvency.

“We have experienced negative stories about Tidal since its inception and we have done nothing but grow the business each year,” a spokesperson for the Oslo-based company told The New York Daily News in a statement.

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