A report from Norway’s Dagens Naeringsliv claims that Tidal is in serious financial trouble. The article claims that company lost $44 million dollars before taxes in 2016 and says Tidal only has six months of cash left. It reportedly based the information on the accounts of parent company Project Panther Bidco.
“We have experienced negative stories about Tidal since its inception and we have done nothing but grow the business each year,” a representative from Tidal told Engadget in response to the rumor.
This isn’t the first time this particular publication has gone after Tidal. It also claimed that the streaming service had exaggerated its audience numbers. Given the history between the two parties, it’s difficult to assess if there’s any truth to the latest rumor. Tidal entered a deal with Sprint at the start of the year, with the telecom buying a 33% stake in the service. That tie-up yielded some special deals and exclusive content for Tidal subscribers, but the company hasn’t been forthcoming with details about if those campaigns had an impact to audience or to the bottom line.