Tidal May Be Out Of Cash Within Six Months

16 December, 2017, 05:58 | Author: Raquel Nash
  • It
Could
Soon
Be
Lights
Out
for
the
Tidal
Music
Service
The
Apple
Music
competitor
could
be
gone
in
six
months

According to a report in the Norwegian newspaper Dagens Naeringsliv, Tidal lost $44 million before taxes previous year and has six months of cash left.

"We have experienced negative stories about Tidal since its inception and we have done nothing but grow the business each year", the spokesperson told The News in a statement.

A new report suggests that the company could be in trouble.

The Norwegian newspaper previously questioned Tidal's subscriber numbers after the service claimed it hit the 1 million number. The paper reckons that the company lost about $44 million previous year, leaving it with just enough cash to keep it going until early summer 2018.

The Disney Twenty-First Century Fox merger just got confirmed
It also brings the rights to the X-Men, Avatar, and The Simpsons under the Disney umbrella. Disney will also assume approximately $13.7 billion of net debt of 21st Century Fox .

In January, Sprint poured $200 million in the company that Jay Z created.

Back in March 2016, Kanye West's The Life of Pablo generated 250 million streams in its first 10 days, boosting the service's global subscriptions to more than three million. In spite of some early assumptions that this capital injection would give Tidal enough working capital for the next 12 to 18 months, it all seems to indicate that they only have sufficient funds to last for six more months.

That didn't stop Jay Z from saying that the service had 3 million users half a year later, when in fact the real figure stood at 850,000. For losses of $581 million, it recorded earnings of $3 billion. Although other reports say that the streaming service reckons it'll be profitable by the middle of next year. Following the claim, Dagens Næringsliv stated the number was closer to 350,000.

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