Project Panther Bidco was the investment vehicle used by Jay-Z to buy streaming service WiMP in 2015, and since it’s headquartered in the UK, it publishes financial accounts there. Those provide an insight into how Tidal – the successor to WiMP – is faring.
The latest financials were published this week through Companies House in the UK, for 2019, and they reveal that revenues grew by 13% that year to $166.9m, although the company’s net losses also increased – from $36.9m in 2018 to $55.8m in 2019.
“The Group ended 2019 in a net liability position of $82.5 million compared to $30.3 million in 2018,” explained the accounts – although cash increased from $1.8m to $3.8m, and Tidal’s current shareholders have “agreed to provide additional capital funding” to cover any shortfall over the next year. That said, the auditor of the accounts offered a slightly different verdict: “A material uncertainty exists that may cast significant over the group and parent company’s ability to continue as a going concern”.
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