It seems like almost everything worth listening to or seeing lately is a TIDAL exclusive. Beyoncé‘s LEMONADE, Kanye West‘s The Life of Pablo and dozens of buzzy singles made their debut behind Jay Z‘s streaming service’s paywall. Still, all that cache hasn’t added up to a lot of dollars for the company.
In fact, TIDAL is currently losing so much money it can’t even pay its bills, according to Norwegian business outlet Dagens Naeringsliv. According to the trade publication’s analysis of Tidal’s holding company, Aspiro AB, the company reportedly lost $28.23 million last year. Since Jay Z bought the company in 2014, the outlet reports, it’s racked up “around a hundred payment default records,” and currently owes $438,000 in unpaid bills. It also allegedly made only one payment to Phonofile, the middleman company it hired to pay out royalties to artists and labels.
Dang. Is Hov losing his golden touch or was getting into the streaming game a fool’s mission to begin with?
SOURCE: DagensNaeringsliv | PHOTO: Getty