(AllHipHop News) Tidal, the company purchased by Jay Z in 2015, is fighting against Spotify and Apple Music for consumers in the music streaming marketplace.
According to The Wall Street Journal, Tidal’s parent company, Aspiro AB, recorded a net loss of $28 million in 2015.
The Sweden-based holding company suffered a net loss of $10.4 million in 2014.
The legal findings also show Aspiro’s revenue rose 30% from $36 million to $47 million over that same period.
However, a source suggested the financial statement is incomplete because it does not reflect all of Tidal’s U.S. revenue and financing.
Tidal’s subscriber numbers now sits at over 4 million.
In contrast, Apple Music has 17 million subscribers and Spotify has 40 million paid subscribers.
Spotify also recorded a net loss in 2015, but the company’s revenue is listed as $2.19 billion for last year.
Aspiro reportedly paid record companies around $35 million in royalty payments in 2015. Tidal’s payout is said to be 4-times the rate of Spotify.
Jay Z, Beyoncé, Kanye West, Lil Wayne, Usher, T.I, Rihanna, Nicki Minaj, and J. Cole are among the artist-owners of Tidal.
Each of those acts have released exclusive music or video content on the platform.