And all this comes after Sprint's $US200 million ($263 million) investment into Tidal in earlier this year. The company is reportedly hemorrhaging money and has enough cash left to stay afloat for only six more months.
TIDAL claims that it expects to run out of cash in 2018, but will be profitable. For example, Spotify, the music streaming market leader, lost over $580 million in the same period. At the time, it gave Tidal "sufficient working capital for the next 12-18 months", according to DN. But music streamers do not seem to care about audio quality as much as price, and Spotify and Apple Music both offer their services for $9.99 per month. Prior to this year's Sprint deal announcement, Tidal claimed to have surpassed 3 million paid subscribers.
Jay-Z and other owners are said to have lost more than half a billion dollars since they bought Tidal. According to the report, Tidal lost the equivalent of $44 million past year and, since then, its subscriber growth rate has stalled to a halt. The company reportedly claims it will break even soon, before achieving profitability sometime next year.
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The Norwegian newspaper previously questioned Tidal's subscriber numbers after the service claimed it hit the 1 million number. Dagens Næringsliv later disputed these figures.
In a statement to The Jolt Journal, Tidal spokesperson said that "We have experienced negative stories about Tidal since its inception and we have done nothing but grow the business each year".