The Tidal streaming service, developed in Norway and largely owned by rap Shawn Carter (48), known as Jay Z, lost $ 28 million last year in Europe, according to the company's recently published accounts, Dagens Næringsliv writes.
But both Jay Z and the other owners inject new capital into the company.
– The Board of Directors is of the opinion that Tidal Music as liquidity situation on the balance sheet date, provided that the current strategic plans are implemented and that the corresponding capital requirements are met, will have the necessary financing for the coming twelve-month period. board in the accounts.
Tidal in Europe had a turnover of NOK 779 million last year, a slight increase compared to the previous year, which meant that Tidal was operating alongside.
In Norway, Tidal NOK lost 10.5 million before tax, after a turnover of NOK 26 million, and significantly higher costs. Again, equity has been lost, writes DN.
In total, Jay Z and the other owners have won over half a billion dollars since buying the Norwegian Flow service in 2015.