Jay-Z's streaming service Tidal posts huge losses: media September 13, 2016 - 17:48 AMT PanARMENIAN.Net - Music streaming service Tidal, owned by rap star Jay-Z, posted heavy losses last year and has had trouble making payments on time, Norwegian business daily Dagens Naeringsliv reported on Tuesday, September 13, according to AFP. Tidal's parent group Aspiro posted a loss of 239.5 million Swedish kronor (25.1 million euros, $28 million) last year, according to DN which examined the unlisted company's accounts. Tidal is Aspiro's core holding. Tidal has also received around a hundred payment default records since Jay-Z bought the company through his holding group Project Panther Bidco for $56 million in March 2015. It has 3.6 million Norwegian kroner (390,000 euros, $438,000) in outstanding payments due, DN claimed. Aspiro, a Norwegian company headquartered in the Swedish town of Malmo, was not immediately available for comment, AFP says. According to DN, Jay-Z's lawyers have accused Tidal's former owners, including Norwegian media group Schibsted, of overstating the number of paying customers and having embellished the accounts ahead of the sale, a charge they have denied. At the end of June, the Wall Street Journal reported U.S. group Apple was in talks with Tidal regarding a possible purchase, aimed at beefing up its own streaming service Apple Music. Related links:   Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads.   Partner news |  Latest news Narek Manasyan wins European Boxing Championships silver for Armenia  Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28.Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia.Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports.Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. |
