Tidal Awash In Debt

TIDAL owner Aspiro AB just filed a number of financial statements with Swedish authorities, and the results are pretty scary.  Aspiro AB, the TIDAL parent acquired by Jay Z last year, posted a net loss of 239 million Swedish kronor, according to the document, or roughly $28 million in red ink.

That represents a nearly threefold increase over 2014 losses, while revenues only increased 30 percent over the same period to 402 million Swedish kronor ($47.2 million).

The documents complement scattered reports of seriously-delayed payments, with one local Swedish newspaper pointing to more than 100 delinquent bills. That includes everyone from indie labels to digital distributors to taxi companies, all of whom seem to be getting stiffed or seriously delayed.  According to the main financial filing, short term debt owed to a range of suppliers increased to 158 million Swedish kronor ($18.5 million), roughly five times the debt of 2014.

-- The full story and financials are available via Digital Music News



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