Tidal Posts $36M Loss As 100,000+ US Subscribers Exit
Jay-Z’ds Tidal music streaming service continues to burn through cash, posting a record operating loss in 2018 of $36.7 million and a net loss of $36.9 million.
The losses were part of a broader financial filing shared by the UK’s Companies House.
Tidal revenue actually grew 26.4% year-on-year to $147.6 million. But Tidal’s US revenues fell from $71.5 million in 2017 to $57.4 million in 2018, even as revenue from the rest of the world grew $39.6 million to $84.5 million.
97.7% of the Tidal’s revenue came from subscriptions in 2018, with the remainder from sponsorships.
So with US Tidal subscriptions priced between $120 per year for its most popular standard service to $240 for hi-rez streaming and no free tier, the streamer’s $14.1 million loss translates into a loss of more than 100,000 US subscribers.
That loss comes at a time when Spotify, Apple Music and Amazon are all reporting record growth.
IN the filing, Tidal boasts over having 60 million tracks and offering subscriptions in 54 countries worldwide.