New Report Claims Streaming-Service TIDAL Is Running Out Of Money

News

Could Tidal be in trouble? According to Norwegian news source Dagens Næringsliv, the JAY-Z owned streaming service is reportedly facing some pretty severe money woes.

READ: Tidal X Concert Garners $3.7 Million To Aid Natural Disaster Relief Efforts

The site reads that the service’s user growth has depleted, and the company reportedly lost $44 million before taxes last year. DN claims that Tidal has about six months left of capital left before they run out of money completely.

In a statement, a spokesperson for the company said “We have experienced negative stories about Tidal since its inception and we have done nothing but grow the business each year.”

READ: Watch: TIDAL’s Hurricane Benefit Concert With JAY-Z, Stevie Wonder, Jennifer Lopez & More

Earlier this year, the same publication reported that Tidal inflated the number of subscribers to the service, which frequently drops exclusive music videos and features, such as Jay-Z’s 4:44 album and accompanying visuals. It’s reported that Tidal has around 3 million subscribers, although there are conflicting reports on the validity of those numbers.