Tidal is in big trouble, despite the $200 million cash infusion JAY-Z's streaming service got from Sprint in January, according to a new report
Norway's Dagens Næringsliv newspaper has been closely covering Tidal because the streaming service that Hov bought to make Tidal was based in Norway. They were the ones who last year exposed JAY and company for massively inflating subscribers.
Their latest report says Tidal lost $44 million before taxes in 2016 and only has enough cash to last six more months. Tidal pushed back on the paper's finding:
"We have experienced negative stories about Tidal since its inception and we have done nothing but grow the business each year," a Tidal spokesman said in response to the report.
The spokesman added that he expects the company to reach profitability by mid-2018.
Tidal similarly dismissed the Dagens Næringsliv report about how they were inflating their numbers. However, the streaming service also stopped announcing their numbers after the paper found that they only had 850K subscribers on the books despite their public claims of three million subs.
We guess we'll see who's right this time when Tidal does or doesn't exist a year from now.