Published: Fri, December 15, 2017
Entertaiment | By Minnie Bishop

Tidal May Be Out Of Cash Within Six Months

Tidal May Be Out Of Cash Within Six Months

Even Jay-Z offers his music on other services again after temporarily going Tidal-exclusive for a short time earlier this year.

Tidal is burning through its final rounds of cash, according to reports.

As competition from rivals Spotify and Apple Music increases, the Jay Z-backed streaming service Tidal is said to be facing money problems, according to Norway's Dagens Naeringsliv. Tidal reportedly claims that it soon expects to break even and then start achieving profitability in mid-2018.

Following the Dagens Næringsliv report, Tidal denied that it's on the rocks, saying in a statement that: "We have experienced negative stories about Tidal since its inception and we have done nothing but grow the business each year".

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A 2016 Dagens Næringsliv report also claimed that JAY-Z was inflating user numbers - Tidal said previous year it had hit 3 million subscribers, but the newspaper claimed the number was closer to 1 million. Prior to this year's Sprint deal announcement, Tidal claimed to have surpassed 3 million paid subscribers. DN also cites numbers from Midia Research which claims that Tidal is responsible for less than one per cent of the 100 million worldwide streaming subscribers.

Jay-Z and other owners are said to have lost more than half a billion dollars since they bought Tidal. It has not publicly announced any figures since 2016, when it claimed to have three million users - although some analysts have claimed that this included people on free trials, with actual paying users making up only a portion of that number.

Tidal's selling proposition is that it offers better music streaming quality compared to the likes of Spotify or Apple Music.

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