Tidal‘s latest reported global revenues jumped to $148 million in 2018, but no thanks to the United States.
According to new documents filed at UK Companies House, the platform’s parent company Project Panther Bidco grew 26.4% year-over-year to $147.6 million in 2018. However, revenue dropped 19.7% in the U.S. from $71.5 million in 2017 to $57.4 million that same year.
A representative for Tidal clarified to Billboard that “the filing highlights incoming revenue as it aligns with Tidal’s internal finance structure, not the origins of subscribers — and that U.S. subscribers and underlying revenue actually increased in calendar year 2018, though the representative would not say by how much.”
Overall, the company saw a profit of $44.7 million in 2018. With 60 million songs and 250,000 videos streaming in high quality, and often times exclusive audio/visual content, Tidal attributes 97.7% of its revenue to direct subscriptions.
The financial docs state: “the Group continues to invest in technological and marketing platforms, with significant enhancements to its product in the form of new user-friendly features (such as algorithmic mixes), new advanced sound capabilities and expanded performance-based growth and retention marketing.”
Tidal was founded in 2014 by Jay-Z. Today, it’s available in 54 countries across the world.
Sign up for Tidal’s high fidelity music streaming here.