Jay-Z's streaming service Tidal posts huge losses: mediaSeptember 13, 2016 - 17:48 AMT PanARMENIAN.Net - Music streaming service Tidal, owned by rap star Jay-Z, posted heavy losses last year and has had trouble making payments on time, Norwegian business daily Dagens Naeringsliv reported on Tuesday, September 13, according to AFP. Tidal's parent group Aspiro posted a loss of 239.5 million Swedish kronor (25.1 million euros, $28 million) last year, according to DN which examined the unlisted company's accounts. Tidal is Aspiro's core holding. Tidal has also received around a hundred payment default records since Jay-Z bought the company through his holding group Project Panther Bidco for $56 million in March 2015. It has 3.6 million Norwegian kroner (390,000 euros, $438,000) in outstanding payments due, DN claimed. Aspiro, a Norwegian company headquartered in the Swedish town of Malmo, was not immediately available for comment, AFP says. According to DN, Jay-Z's lawyers have accused Tidal's former owners, including Norwegian media group Schibsted, of overstating the number of paying customers and having embellished the accounts ahead of the sale, a charge they have denied. At the end of June, the Wall Street Journal reported U.S. group Apple was in talks with Tidal regarding a possible purchase, aimed at beefing up its own streaming service Apple Music. Related links: Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Lithuania sending €100,000 to help Armenia fight floods consequences Armenian Prime Minister Nikol Pashinyan took to social media to thank his Lithuanian counterpart for the contribution. Turkey condemns Uruguay’s recognition of Armenian Genocide Turkey has condemned a newly passed law in Uruguay that recognizes the Armenian Genocide, TRT reports. For the first time, Armenia votes in favor of Georgia resolution in UN Armenia on Tuesday, June 4 voted for the first time in favor a resolution adopted by the United Nations General Assembly. Moscow warns Armenia against leaving Russian-led defense bloc Armenia could ruin its military ties with Russia if it continues drifting towards the West, according to a senior official in Moscow. |