Jay Z music service Tidal Reportedly Lost A Whole Lot Of Money Last Year

Tidal has stiff competition with Spotify and Apple Music streaming services, and while they've been steadily gaining a larger subscriber base, their net loss for 2015 is considerable.  


The Wall Street Journal reports that Aspiro, the Swedish company that Jay Z and his peers purchased last year, lost 239 million Swedish kronarin in 2015, which works out to about $28 million. This is a much larger loss than the previous year, where the company lost the equivalent of $10 million.

Though still not turning a profit, Tidal did manage to drive revenue up 30%, but it seems that the new promotional costs of the company substantially exceeded the subscriber growth.

We still don't know how things are going in 2016, but with releases from Rihanna, Beyonce, and Kanye West, one would assume things are looking up from the company, though they still trail Apple Music and Spotify in subscriber base. (4.2 million to Apple's 17 million and Spotify's 39 million)

Jay Z music service Tidal Reportedly Lost A Whole Lot Of Money Last Year