The numbers are in and it’s not looking too good for Tidal, the Jay-Z owned streaming service, which saw its parent company Aspiro post losses of $28 million through fiscal 2015. Tidal is Aspiro’s main asset so it’s worth pointing out that the majority of losses incurred would be directly tied to Tidal. Yahoo! Finance has also reported that the Tidal is having trouble making payments on time and currently have $438,000 in outstanding fees.
It was always going to be an uphill battle breaking into the music streaming industry which is far and away dominated by Spotify with Apple Music looking like the second largest competitor. Apple Music was rumoured to have been interested in purchasing Tidal around June. Tidal’s fiscal health through the rest of 2016 will provide a good indicator of whether or not that might actually happen but for nothing solid has materialised.
H/T: EDMTunes
