Tidal Posts $36M Loss As 100,000+ US Subscribers Exit
[UPDATED] 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.
UPDATE: A TIDAL spokesperson tells Hypebot that US subscribers and underlying revenue were actually in the calendar year 2018, but that “due to internal financial structures,” this was not reflected in PPB filing
97.7% of the Tidal’s revenue came from subscriptions in 2018, with the remainder from sponsorships, according to the filing.
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.