“Lossless streaming music service Tidal is reported to be running out of cash, having run up losses of around $44M last year. Jay-Z and other owners are said to have lost more than half a billion dollars in all,” Ben Lovejoy reports for 9to5Mac.

“Norway’s Dagens Næringsliv says that the company now has only enough cash to last it six months, raising the prospect of the service closing down by the summer,” Lovejoy reports. “However, while Tidal acknowledges that its projections show its capital hitting zero during 2018, it claims that it will climb back from this position and achieve profitability midway through the year.”

“Tidal claimed 3M subscribers in January, while an internal report was said to put the number at 1.2M. Research company Midea estimates the current subscriber base to be around 1M,” Lovejoy reports. “This compares to around 30M for Apple Music and 60M for Spotify.”

Read more in the full article here.

MacDailyNews Take: Apple Music roadkill.

SEE ALSO:
Jay Z’s Tidal music service loses its third CEO in two years – May 26, 2017
Sprint buys stake in Tidal Music Service – January 23, 2017
Kanye West tries to goad Apple CEO Tim Cook to buy Tidal – August 1, 2016
Kanye West calls for Apple to buy Tidal, demands executive meeting – July 31, 2016
Apple buying Tidal would be a very savvy move – July 1, 2016
Why the heck would Apple want to buy Jay Z’s Tidal? – July 1, 2016
Why Apple buying Jay Z’s Tidal makes sense – and why it doesn’t – July 1, 2016
Desperate Spotify tries to manufacture an Apple App Store antitrust issue that does not exist – July 1, 2016
Spotify accuses Apple of ‘grave harm’ – July 1, 2016
Apple in talks to acquire Jay Z’s Tidal music service – June 30, 2016