TIDAL more than doubled its losses last year, according to reports.
Bought by Jay-Z and a group of other high profile musicians early in 2015, the service went from a net loss of 88.9m Swedish kronor in 2014, to 239m in 2015. That’s roughly a loss of $28m, according to the Wall Street Journal.
Revenues rose 30% in the same period to 402m kronor. However, as the figures don’t include the US revenues it’s probably fair to say a bigger growth figure could be expected from a territory where the new celeb owners hold an especially strong influence.
Despite a string of high profile exclusives, TIDAL has been struggling to keep up with rivalsc, attracting 4.2m paid subscribers as of June in comparison to Apple Music’s 17m and Spotify’s 30m subscribers.
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