Jay Z’s Music Streaming Service Tidal Posts Huge Loss

Jay Z’s music streaming service Tidal reportedly posted huge losses last year…

From The Daily Mail:

Jay-Z’s music streaming service Tidal reportedly posted heavy losses and struggled to make payments on time last year. Tidal’s parent group Aspiro had a loss of $28 million (239.5 million Swedish kronor) last year, according to the Norwegian business daily Dagens Naeringsliv. The outlet discovered the huge losses after examining the accounts of the Swedish-based company.

Tidal is Aspiro’s core holding.

According to the newspaper, Tidal received about 100 payment default records since Jay-Z bought the company through his holding group, Project Panther Bidco, for $56 million in March 2015.

Jay Z’s Company CEO Dumps Tidal

The interim CEO of Jay Z’s streaming service, Tidal, has left the company.

A representative for Tidal said Tuesday that Peter Tonstad “is no longer with the company.” Tonstad joined Tidal in April, replacing then-CEO Andy Chen. Tonstad was previously the CEO of Aspiro Group, parent company of Tidal.

Tidal has struggled to compete with other streaming services since its launch at the end of March. Tidal “will be transitioning to a permanent CEO as part of our strategic plan to create a leading platform,” the statement read.

A business controlled by Jay Z bought Tidal for $56 million in mid-March. The music and video service is co-owned by Jay Z, Beyonce, Jason Aldean, Nicki Minaj, Kanye West, Madonna and others.

Jay Z slams Google, YouTube, Spotify, Others For Criticizing Tidal

While performing at a private show at Terminal 5 in New York for Tidal subscribers, Jay Z launched into a blistering attack against those he said are criticizing his new streaming service, Tidal. He lashed out at Google, Youtube, Spotify and a host of others.
He claimed he was being depicted as ‘the bad guy’ because he’s going against the grain, before turning on Google and YouTube for underpaying artists, claiming they ‘pay you a tenth of what you supposed to get’. ‘You know n***as die for equal pay right?  You know when I work I ain’t your slave right?’ he rapped.
He also included Beat’s co-founder Jimmy Iovine in that list, who was previously accused of trying to lure high profile artists away from Tidal.
Then he even turned on people he called hypocrites, who dared to complain about Tidal’s high prices topping off Jay Z’s $520 million fortune, when they never complained about filling Steve Jobs’ or Phil Knight’s pockets when they were buying iPhones and Nikes.
‘Oh, n***as are skeptical ’cause they own shit – You bought nine iPhones and Steve Jobs is rich, Phil Knight worth trillions you still bought those kicks,’ he said, before rounding on enemy number one: ‘Spotify is 9 billion they ain’t say sh*t ‘.
The B-sides show was only open to Tidal subscribers who compiled a playlist of the rappers lesser known tracks as part of a competition.
He has tried to defend his fledgling streaming service a number of times before.
At the end of April, he said: ‘The iTunes Store wasn’t built in a day. It took Spotify 9 years to be successful. We are here for the long haul. Please give us a chance to grow and get better.’
In its first month it flopped in the iTunes app store charts, despite a launch from big names.
It is not known why the app has dropped so significantly but the price may be considered too high for some users.
Tidal currently has more than 25 million songs and 75,000 music videos in its library. It is billed as the first artist-owned platform for music and video and the service aims to compete directly with Spotify and Apple’s music service, headed by Dr Dre.
Users can pay either $9.95 a month for a standard streaming service or $19.99 for high quality streaming in the US.
Unlike rival Spotify, the service doesn’t have a free tier – meaning the musicians stand to make more money from it, but this also means it doesn’t play adverts.
Many users who downloaded it and are using it during the trial period may be looking to cancel their subscriptions or uninstall the app.

Jay Z Addresses Reports Tidal Is A flop, Says His Cousin Is In Nigeria To Discover New Talent

Jay Z has addressed reports his new $56m venture, Tidal is a flop..He took to twitter(a very rare occurrence) to assure the reports are not true..And guess what? He says his cousin is in Nigeria to discover new talent…I guess he is trying to sell Tidal to the Nigerian market..Good businessman ..