Tidal may not be in the best financial shape, according to filings with Sweden’s Companies House made by Aspiro. The streaming platform’s holding company posted a net loss of 239 million kronor ($28 million) in 2015. That’s more than double the loss of 88.9 million kronor ($10.5 million) from the previous year. The biggest expense for Aspiro was royalty payments at nearly 300 million kronor ($35 million).
Aspiro was acquired by Jay-Z’s Project Panther Bidco last March, and his arrival at the helm has meant big changes for the music company. Although it has it been a costly transition, Tidal has also grown its footprint to more than 3 million subscribers and secured some big new albums as exclusives in its first year.