Tidal Makes Worldwide Rev Gains, Hits a Slump in U.S. Numbers
TIDAL, the JAY-Z-founded streaming company, just released newly-published documents which reveal the financial performance of TIDAL parent PROJECT PANTHER BIDCO (PPB) in calendar 2018, according to MUSIC BUSINESS WORLD.
Here are the highlights:
-TIDAL generated $147.6m in calendar 2018, according to PPB’s filing.
-That was up 26.4% on the $116.8m the company posted in 2017. Gross profit was up too, at $44.7m, rising 29.6% YoY.
-Initially, MUSIC BUSINESS WORLD reported that TIDAL’s annual revenues in the US fell in 2018, down 19.7% YoY, or by just over $14m, to $57.4m. After the MUSIC BUSINESS WORLD report was posted, TIDAL responded that its U.S. subscribers and underlying revenue were actually up in calendar year 2018 but the numbers were not reflected in the filing "due to internal financial structures."
-TIDAL’s annual revs outside the US and UK gained strongly in 2018 -- more than doubling to $84.5m with expansion into AFRICA in 2018 as well as expansion in EUROPE and LATIN AMERICA.
-TIDAL’s operating loss in 2018 stood at $36.7m, with its net loss at $36.9m.
Both of these figures improved over 2017, when TIDAL’s operating loss was $40.6m and its net loss was $40.3m.