The Wall Street Journal tells us that Tidal reported a net loss of 239 million Swedish krona, which equals about $28 million in US currency, in 2015. It looks like Jay-Z’s streaming service is still trying to catch up with Apple Music and Spotify.
This news is a bit surprising, considering the boost Tidal received earlier this year. There was Kanye West’s The Life of Pablo, which was exclusively streaming on Tidal for a period of time, before it was released on other platforms. Then a couple of months later, Beyonce released her follow-up to her 2013 self-titled album, Lemonade, which was accompanied with a film – which all streaming exclusively. The subscription numbers, thanks to Kanye and Bey, certainly shot up after their albums dropped.
But Spotify is still out in first with its 30 million paying subscribers, followed by Apple Music’s 17 million subscribers. To get the high fidelity sound quality as well as exclusive content, Tidal is charging $20 a month – more than its two competitors are charging – and they currently have 4.2 million paying subscribers.