Could Tidal soon be shutting down?
According to a report from Norway’s Dagens Næringsliv, Tidal may only have enough funds to last another six months.
The report says Tidal has been bleeding money steadily after losing $368 million NOK (around $44 million US) in 2016, with original investors including Jay-Z having lost over half a billion NOK (around $60 million) since they bought the service from the Schiibsted media group in 2015.
This money bleed reportedly continued even AFTER Sprint’s $200 million investment in the service earlier this year.
Tidal expects the company to reach profitability by mid 2018, but Dagens Næringsliv says the company may not have the cash flow to make it that long.
Maybe Jay can step in and turn it all around…