Jay Z’s Streaming Service Tidal May Be Losing Millions of Dollars — Report
Bad news for Jay Z.
Though it seems like the rapper has it all — a beautiful wife, gorgeous kids, a successful career — it turns out his streaming service isn’t doing so hot.
According to reports, Tidal is actually losing serious cash.
Norwegian newspaper Dagens Næringsliv claims the music service is losing tens of millions of dollars per year.
The father of three purchased the Tidal back in 2015, but it’s already lost $60M.
In fact, it reportedly lost $44M in just 2016 alone!
With Apple Music and Spotify doing so well, it’s clearly a tough business to crack.
However, Tidal says the reports aren’t true and reveals they’ve been dealing with bad press since the beginning.
"We have experienced negative stories about Tidal since its inception and we have done nothing but grow the business each year," a spokesperson told the Daily News.
Sprint also reportedly purchased a 33 percent stake in the company for a whopping $200M.
Meanwhile, this comes just a few months after Kanye West threatened to remove his music from Tidal.
At the time, the father of two claimed Tidal owed him $3M after his album The Life of Pablo reportedly resulted in 1.5M new subscribers to the streaming service.
The 40-year-old also alleged Tidal did not pay him for his music videos, but Tidal said the rapper never gave them music videos.
He then terminated his exclusive Tidal streaming deal, which was a big blow to the service.
Do you think Tidal is doing OK or is it losing money? Sound off below!