Tidal reportedly lost roughly $44 million in 2016.
The hefty loss estimates arrive view a new Verge-spotted report from Norway's Dagens Næringsliv, the same business-centric newspaper that earlier this year alleged that Tidal had been exaggerating its subscriber stats. The new report also claims the streaming service, which was acquired by Jay Z back in 2015 and secured a Sprintstake this January, has about six months of capital remaining.
"We have experienced negative stories about Tidal since its inception and we have done nothing but grow the business each year," a Tidal spokesperson told VergeTuesday. Tidal is reportedly still expecting to achieve profitability by the middle of next year.
In August, Tidal bagged its fourth CEO in just over two years. Former Kobalt Music Group boss and Sony Music global marketing prez Richard Sanders took over for Jeff Toig, whose exit was announced in March. Toig, a former SoundCloud exec, had been CEO since January 2016.
Jay's Grammy-nominated album 4:44 launched as a Tidal x Sprint exclusive in June, the latest in a series of exclusives for the platform that's previously given similar rollouts to Kanye West's The Life of Pablo and Beyoncé's Lemonade.