Jay-Z’s Tidal Running Out of Money, May Only Have Six Months Left
JAY-Z's streaming service Tidal is once again running into problems, but this time, it's being reported that the service may not be around for much longer.
According to a report from Norway's Dagens Næringsliv newspaper, as reported by Engadget, after losing $44 million before taxes in 2016, Tidal may now only have enough money to stay afloat for six more months. This comes after Sprint bought a 33 percent stake in the company for a reported $200 million.
"We have experienced negative stories about Tidal since its inception and we have done nothing but grow the business each year," a spokesperson for Tidal told Engadget. The company reportedly states it will break even soon, before becoming profitable in mid-2018.
The Norwegian newspaper previously questioned Tidal's subscriber numbers after the service claimed it hit the 1 million number. Following the claim, Dagens Næringsliv stated the number was closer to 350,000. And after Tidal stated they had 3 million members, Dagens Næringsliv fired back by claiming the number was closer to 850,000.
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