Jay-Z's Tidal losing millions, nearly out of money

Tidal is reportedly having money problems

Does Tidal have only six months to live

As competition from rivals Spotify and Apple Music increases, the Jay Z-backed streaming service Tidal is said to be facing money problems, according to Norway's Dagens Naeringsliv.

In response to a query from USA TODAY, a Tidal spokesman sent this statement: "We have experienced negative stories about Tidal since its inception and we have done nothing but grow the business each year".

Jay Z performs onstage during TIDAL X: Brooklyn at Barclays Center of Brooklyn on October 17, 2017, in NY.

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In September 2015, Jay Z tweeted that Tidal had hit 1 million subscribers, a number which the newspaper disputed.

Tidal is far from the only streaming service to lose money a year ago. The outlet says that since JAY-Z purchased Oslo-based Tidal in 2015, the company has lost some $60 million - $44 million of it in 2016 alone. In spite of some early assumptions that this capital injection would give Tidal enough working capital for the next 12 to 18 months, it all seems to indicate that they only have sufficient funds to last for six more months.

The report comes almost one year after Sprint purchased a 33% stake in the company for $200 million.

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Of course, other streaming services reported losses during 2016.

Last year, Jay Z filed suit against the previous owners saying he was given inflated subscriber numbers. Following the claim, Dagens Næringsliv stated the number was closer to 350,000.

Since then, West left Tidal and the two have traded legal pleasantries about their future, according to a report from TMZ.

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