If you’ve been living under a rock and haven’t heard of Tidal yet, it’s a music streaming service owned by rapper Jay-Z and based out of New York. Over the course of its first year, the company faced some serious issues. It recently released its latest numbers and they’re a sure sign that the music streaming industry is still shaky; the service faced massive monetary losses in 2015.
The company’s parent group Aspiro posted a loss of $28 million last year (Tidal is Aspiro’s core holding) and according to Yahoo Finance, the company is also struggling to make payments on time. Tidal is reported to currently have $438,000 in outstanding payments due.
Jay-Z and his lawyers have accused Tidal’s formal owners of overstating the number of paying customers and embellishing the accounts ahead of the sale. At end of June 2016, it was reported that Apple was in talks with the company about a possible purchase to add to their own streaming service Apple Music. As this ship slowly starts to sink, maybe this will become more of a reality.
Tidal was even the subject of a Saturday Night Live skit earlier this year and you can watch it below.