Jay Z’s Tidal Music Streaming Service Lost $28 Million In 2015
The Wall Street Journal reports that Jay Z’s firm Aspiro AB, the Swedish holding company for Tidal, booked a net loss of 239.5 million Swedish crowns ($28.23 million) in 2015.
The list of artists on the company’s roster is impressive.
Kanye West, T.I., Lil Wayne, Rihanna, Beyonce, Jay Z, Usher, Madonna, Alicia Keys, Prince, J. Cole, Chris Martin, Calvin Harris, Prince, Daft Punk, Jack White, Arcade Fire, Jason Aldean and deadmau5 all release exclusive content through Tidal.
However, the competition from rivals Apple Music and Spotify is proving to be very stiff.
Couple that with the ease in which fans can get music for free and you can start to see what Tidal is up against.
According to the Wall Street Journal, “A person familiar with the matter said the financial statement doesn’t paint a complete picture of the situation at Tidal because it doesn’t reflect all U.S. revenue and financing.”
Jay Z bought Aspiro in January of 2015 for $56 million.