Entertainment
Tidal Owned By Jay Z Posts Huge Losses
Music streaming service Tidal, owned by rap star Jay-Z, posted heavy losses last year and has had trouble making payments on time, Norwegian business daily Dagens Naeringsliv reported on Tuesday.
Tidal is Aspiro’s core holding.
Tidal has also received around a hundred payment default records since Jay-Z bought the company through his holding group Project Panther Bidco for $56m in March 2015.
It has 3.6 million Norwegian kroner (390,000 euros, $438,000) in outstanding payments due, DN claimed.
Aspiro, a Norwegian company headquartered in the Swedish town of Malmo, was not immediately available for comment.
According to DN, Jay-Z’s lawyers have accused Tidal’s former owners, including Norwegian media group Schibsted, of overstating the number of paying customers and having embellished the accounts ahead of the sale, a charge they have denied.
At the end of June, the Wall Street Journal reported US group Apple was in talks with Tidal regarding a possible purchase, aimed at beefing up its own streaming service Apple Music.
Tidal soared in popularity early this year after Beyonce — Jay-Z’s wife — released her latest album “Lemonade” exclusively on the service, although it was also broadcast in a film version on HBO and quickly made available on iTunes.
Tidal, which had a mixed reception after its relaunch last year, has also heavily promoted exclusives, such as albums by Rihanna and Kanye West.
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