Jay-Z’s TIDAL Is Running Out Of Cash, Bleeding Users [REPORT]
Jay-Z fronted music streamer TIDAL has just 6 months of operating capital left, according to a new report, and is losing users as well. In January of this year, Sprint poured $200 million into the streamer based on a $600 million valuation.
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TIDAL has just six months of cash left and is bleeding users, according to a report by Norway's Dagens Næringsliv. The new report corroborates earlier characterizations of TIDAL's finances. After an early 2017 $200 million deal with Sprint, the streamer was said to have "sufficient working capital for the next 12-18 months," according to Jay Zs business partner and Roc Nation Sports president Juan Perez.
But yesterday a TIDAL spokesperson, tried to paint a different picture.
"We have experienced negative stories about Tidal since its inception and we have done nothing but grow the business each year," a spokesperson for Tidal told Engadget and claiming that the company will break even soon, before achieving profitability in mid-2018.
Not surprised. A system based only on rental of tracks without also offering the consumer, as at least a side-by-side offering, true digital (“cloud”) ownership is doomed to failure.