Things aren’t all good for JAY Z‘s streaming service TIDAL. After posting a net-loss of $10.4 million loss in 2014, the Swedish company has doubled that mark in 2015, posting a $28 million for the fiscal season. That is $17.6 million dollar increase from the year before.
That figure comes by way of Aspiro AB, the holding company that Hov’s group acquired, who recorded a net loss of $28 million, or approximately 239 million Swedish Kronor.
Unfortunately, the company has only increased revenue by 30 percent.
Although the Wall Street Journal notes that this financial statement doesn’t reflect everything from the streaming service’s revenue and financing, the company is delinquent on payments to an estimated 100 labels for royalties. Not to mention the fact they owe $438,000 in bills.
Someone throw Shawn Carter a lifeline.
OS REWIND: Apple in Talks to Acquire JAY Z’s TIDAL Service
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