The streaming music space is one that is dominated by the likes of Spotify, but other players have been trying to enter the space for the last few years. One such venture, Tidal Music, was introduced back in 2015 by JAY-Z and other musicians, but it has been rather rough for the company.
Things were looking up for Tidal back in January as the company announced a partnership with Sprint which gave the carrier a 33.3% stake in the company. This investment turned beneficial for Sprint subscribers as the carrier has been offering free 6-month trials of the streaming service.
However, a new report suggests that Tidal may not be around for too much longer, barring a major investment. The company reportedly lost about $44 million in 2016, and despite Sprint’s $200 million investment, Tidal may only have enough money to last for the next 6 months before filing for bankruptcy.
As you would expect, the company is deflecting from any negativity as a Tidal spokesperson told Engadget that the company will “break even soon, before achieving profitability in mid-2018”. It’s really difficult to tell just well the company is performing based on subscriber numbers, as the company has been mum on the subject after reportedly reaching the 3 million mark.
While 3 million may seem like a great deal of users, it’s a drop in the bucket when compared to the likes of Spotify and Apple Music, which boast user bases of 60 million and 30 million, respectively. Even with JAY-Z moving his own discography to only Tidal, this move has not proved as fruitful as expected, instead leaving other subscribers in the dust when wanting to listen to some of the hip-hop artists best records.
This all leads to us wondering which music streaming services you are currently subscribed to. Hit the poll below to let us know, then use the comment section to let us know why you picked the music service of your choice.