Jay Z now has 100 problems (possibly millions)

Jay Z now has 100 problems (possibly millions)

The Buro Daily

Text: Noelle Faulkner

Apparently Tidal isn’t doing so well

Tidal has a lot of things going for it, from the exclusive artist contracts like Prince's full back catalogue, Beyonce's Lemonade  visual album, Jack White's Third Man Records B-Sides, artist-curated playlists both musical and visual, as well as countless other benefits to being owned by musicians and made to support musicians.

However, it seems that it's not easy going up against the heavyweights like Spotify and Apple Music. As this week, a Norwegian newspaper reported that  Tidal's parent company, Aspiro has posted a loss of around $28million for 2015,  the same year that it was purchased by Jay Z for $56million. The newspaper also notes that Tidal is Aspiro's core financial holding. The loss is more than double the loss it posted for 2014, which was $10.4million.

In addition to this, Swedish newspaper, Dagens Næringsliv also reported Tidal, or rather, the three companies that make up the service, has at least 107 outstanding bills (spanning rent, music festival commitments, travel, hotels and various payments), more than 100 of which were incurred since Jay Z bought the service. 

Not many are surprised considering this is just the latest in what has been an ongoing saga for Jay Z. Even he has been in a legal battle with the former owners, assusing them of inflating the actual worth of the company. Looking at the stats and the money coming in -Tidal has just 4.2 million paying subscribers, Apple Music has 17 million and Spotify boasts a who0pping 39 million paid accounts - it's fairly safe to say things aren't looking all that great for Jay Z's investment's future.

Jay Z now has 100 problems (possibly millions) (фото 1)


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