Remember when Kanye West tweeted that the streaming wars needed to end? He might have been Tidal’s financial reports while he did that. According to the Daily Mail, Tidal’s Swedish parent company Aspiro has reported losses of $28 million over the course of the last year and a half. Jay might be worth over $600 million, but Tidal’s reportedly received 100 payment default records since Jay’s holding company Project Panther Bidco initially bought Tidal in March of 2015.
Amid the constantly booming streaming wars, most people saw Tidal out ahead because of exclusives from Beyoncé (Lemonade), Kanye West (The Life Of Pablo), and Rihanna (ANTI), but they’re apparently not holding up their weight. Tidal has also been struggling to pay bills on time, with a reported $438K in outstanding fees. Between money owed in Sweden and artists missing out on payments from the streams, the writing is slowly but surely appearing on the wall.
Apple cracked the formula with exclusive on Apple Music thanks to a built-in audience, and even without exclusives, Spotify is still keeping people’s attention with its free tier. Even Pandora is set to smoke Tidal once its new crop of podcasts come into play. The water is filling the boat fast, so where’s Hov gonna take it next?