Jay Z's streaming service, Tidal, in huge financial troubles, looses $28m

In the year 2014, Aspiro, which is Tidal’s parent company lost just $10.4m. Norwegian business daily Dagens Naeringsliv recently reported that Jay Z’s streaming service Tidal lost $28m on payments in 2015.

His lawyers have allegedly accused the former owners, including Norwegian media group Schibsted, of making a fuss on the number of paying customers it had ahead of last year’s sale.

According to DN, Tidal received about 100 defaulting records since Jay Z bought the company through his holding group, Project Panther Bidco, for $56m in March 2015.

As at July 2016, Tidal, which currently operates in 31 countries, claimed to have 4.2 million paying subscribers.

Kanye West’s The Life of Pablo, Rihanna’s ANTI and Beyonce’s visual album Lemonadewere exclusively premiered on the platform this year.