Tidal, the music streaming service owned by the rapper Jay-Z, posted massive losses of $28 million last year and struggled to make payments on time.
An analysis of the company’s unlisted accounts by the Norwegian financial newspaper Dagens Naeringsliv found that Tidal’s parent company, Aspiro, posted losses in 2015 of 239.5 million Swedish kronor, equivalent to $28 million.
Tidal has previously benefitted from releasing exclusive songs and albums on the service, including Jay Z’s wife Beyoncé’s latest album Lemonade as well as Kanye West’s The Life Of Pablo and Rihanna’s Anti.
However, the company is also reportedly struggling to file its payments on time, with $438,000 of debt still outstanding and lawyers accusing the company of window dressing figures such as its number of paying customers, something the company have denied.
The subscription-based service offers over 25 million tracks and 85,000 music videos but is understood to have struggled against competitors such as Spotify and Apple Music.
The Wall Street Journal reported in July that Apple was considering buying Tidal in order to strengthen its own music streaming service, although such a deal has yet to materialize.