Tidal may only have enough cash left to last six months
Music streaming service Tidal is facing both money and user growth woes, according to Norway's Dagens Næringsliv. After reportedly losing roughly NOK$368 million ($44 million dollars) before taxes in 2016, Tidal is now left with just enough cash to last six months. This despite Sprint buying a 33 percent stake in Jay-Z's streaming service in January. The $200 million deal, which included a reported $75 million fund for exclusive content, should've given Tidal "sufficient working capital for the next 12-18 months," said Jay Z's business partner and Roc Nation Sports president Juan Perez (via DN).
"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 claims it will break even soon, before achieving profitability in mid-2018.The statement sounds like a stab at DN's report disputing Jay-Z's updates on Tidal's subscriber numbers just days before Sprint's investment. In September 2015, Jay-Z tweeted that Tidal had hit the 1 million member milestone, but...
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