Tidal, musican Jay-Z’s CD-quality streaming music service, doubled its net losses in 2015 according to the Wall Street Journal. The net loss amounted to 239 million Swedish kronor ($28 million) in 2015. In 2014, the service posted a net loss of 88.9 million Swedish kronor.
The Wall Street Journal also reported that revenue rose 30% to 402 million Swedish kronor from 309 million kronor.
Tidal burst on to the scene as a streaming service whose primary focus was high-quality music streams in contrast to the highly compressed offerings of its competition.
As of June, Tidal said it had 4.2 million paying subscribers. Even though Tidal has promised higher quality and even some exclusive content, it has had a hard time keeping pace with industry titans, AppleMusic and Spotify. By contrast, Apple Music boasts 17 million paying subscribers, and Spotify has 30 million paying subscribers.
Tidal charges $20 per month for high-quality versions of its 40 million-song catalog and $10 a month for lower-quality streams. The audiophile community, that Jay-Z’s streaming service might seem to cater to, hasn’t necessarily shown a penchant for streaming services. Instead, a number of audiophile-focused download stores have arisen online, none of which offer a streaming option.