Wednesday, September 14, 2016

Jay Z's Music Streaming Service Tidal Posts Huge Loss in 2015

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Jay Z’s music streaming service Tidal reportedly posted huge losses last year.

Jay-Z’s music streaming service Tidal reportedly posted heavy losses and struggled to make payments on time last year. Tidal’s parent group Aspiro had a loss of $28 million (239.5 million Swedish kronor) last year, according to the Norwegian business daily Dagens Naeringsliv.

The outlet discovered the huge losses after examining the accounts of the Swedish-based company.

Tidal is Aspiro’s core holding.

According to reports, Tidal received about 100 payment default records since Jay-Z bought the company through his holding group, Project Panther Bidco, for $56 million in March 2015.

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