Tidal losses doubled last year

Tidal black canvasTidal 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.

Anna Washenko