The company reportedly owes $438,000 in unpaid bills.
Tidal’s parent company Aspiro recorded a net loss of 239 million Swedish kronor ($28 million) last year, which is more than double the 88.9 million Swedish kronor ($10.4 million) recorded in 2014. Aspiro also reportedly owes $438,000 in outstanding bills.
About $35 million of the reported amount covers record label royalty fees, a source told the WSJ, but it has also been stressed that these numbers don’t reflect all of Tidal’s revenue.
Jay Z relaunched Tidal in March 2015, but much of the platform’s major exclusives landed in this financial year. They include some of 2016’s biggest albums, including Kanye West’sThe Life of Pablo, Rihanna’s ANTI and Beyonce’s Lemonade.
However, it’s still been a tough year for Jay Z’s artist-centred streaming service. Back in February, Tidal was sued by The American Dollar for supposed copyright infringement, which it denied. In March, two Tidal executives left the company and in April, Kanye West and Tidal were sued for falsely advertising The Life Of Pablo as an exclusive.
Kanye West has now called for an end to the ‘beef’ between Apple and Tidal, which ties in with the rumours that Apple is considering a purchase of the streaming platform, but it’s unclear if the purchase will ever go ahead.