Tidal has reported a $28 million loss of 2015, almost triple the loss recored in 2014.
As the Wall Street Journal reports, Aspiro, Tidal’s parent company, posted a net loss of 239 million Swedish kronor ($28 million) since it was relaunched in March 2015. Aspiro also reportedly owes $438,000 in outstanding bills.
Jay Z and a group of other musicians bought the music streaming service in early 2015. Since its relaunch, the company has been struggling to compete with much-larger rivals Spotify and Apple Music. Despite the recorded loss, Tidal’s big splash occurred in this financial year thanks its the string of big-time 2016 releases. Since the start of the year, they released albums like Rihanna’s ANTI, Kanye West’s The Life of Pablo, and Beyoncé’s Lemonade. Most recently, the service released Usher’s long-awaited eighth studio album Hard II Love.
Usher releases new album, “Hard II Love,” on Tidal
Despite the producing many of the year’s biggest albums, the artist-centered streaming service has endured quite a share of press for things other than the music. In March, two senior executives were ousted. In April, Kanye West and Tidal were sued for false advertising behind the exclusivity of The Life of Pablo. In June, there were talks about Apple potentially acquiring the service.