Tidal is reportedly having money problems
A new report from Norway’s Dagens Næringsliv claims that Tidal is running out of money while user growth has stalled. The report suggests that Tidal may only have around six months of working capital left.
In a statement to The Verge, a Tidal spokesperson said, “We have experienced negative stories about Tidal since its inception and we have done nothing but grow the business each year.”
Tidal reportedly lost NOK$368 million (around $44 million) before taxes last year, according to DN. Still, for comparison, Spotify’s 2016 losses were around $581 million, though revenue was around $3 billion.
At the start of this year, Sprint purchased a 33 percent stake in Tidal. At the time, Jay Z’s business partner and Roc Nation Sports president...