Struggling to make payments on time last year, Jay-Z’s outlet Tidal music streaming service recorded heavy losses with an amount of almost $30 million.
The outlet was examining the accounts when it discovered the big loss.
Being Aspiro’s core holding, Tidal had more than 100 delays in payment defaults since March 2015 when Jay-Z bought the company, worth at that time $56 million, with the help of his holding group called Project Panther Bidco.
The firm also records an amount of almost $500.000 in outstanding payments.
The Norwegian company, Aspiro, having its headquarters in Malmo, is not yet available for comments.
The New York rapper, Jay-Z, lawyers have accused Tidal’s previous owners, including the media group Schibsted based in Norway, of overstating the number of customers which were paying it ahead of the sale for last year.
The accusations were totally denied.
Tidal made headlines recently after it was said that Apple was in treaties with the firm about an eventual purchase, which was made to beef up the streaming service for Apple Music.
Tidal grew in popularity at the beginning of the year after Beyonce released her newest album called ‘Lemonade’ which was exclusively for the service which gained them more than one million new subscribers.
An accompanying movie version of it was broadcasted on HBO, the album being quickly made available on iTunes.
Tidal is behind the market leaders when it comes to streaming, Apple Music and Spotify, which have around 30 million and respectively 11 million subscribers.