Project Panther Bidco is the parent company of Aspiro Group, which in turn is the parent company of streaming service Tidal. Because Project Panther Bidco – originally created as the vehicle for Jay-Z to acquire Tidal – is based in the UK as a legal entity, it files financial results here. Cue figures on how Tidal’s business performed in 2018, which were published late last week.
Project Panther Bidco’s revenues grew by 26.4% year-on-year to $147.6m, according to the filing with Companies House in the UK. However, the company recorded an operating loss of $36.6m, and a net loss of $36.9m – narrowed from 2017’s $40.3m. 97.7% of the company’s revenues came from subscriptions in 2018, with the rest coming from sponsorship.
Tidal’s US revenues fell from $71.5m in 2017 to $57.4m in 2018, but its revenues from the rest of the world grew from $39.6m to $84.5m that year. Which reminds us of the panel at the recent NY:LON Connect conference where Marek Włodarczyk, CEO of Independent Digital, claimed that Tidal had 300,000 paid subscribers in Poland alone courtesy of a telco deal.
Update: Tidal has told MBW, which also covered the financials, that ‘US subscribers and underlying revenue were actually up at the company in calendar year 2018 – but that due to internal financial structures, this was not reflected in the PPB filing’.