Ever since streaming service Tidal was acquired by fintech firm Block, we’ve been getting regular insights into the music services health from Block’s financial results.
The company has a “corporate and other” business line that it says is “primarily Tidal”, and that segment generated $55.7m of revenues in the final quarter of 2021.
A year on, how are things looking? Block’s latest financials reveal $38m of corporate and other revenues for Q4 2022, although the description of what that includes has expanded to “primarily Tidal and intersegment eliminations”.
This segment’s gross profit rose from $7m in Q4 2021 to $11m in Q4 2022. It’s only a small insight, but it does suggest a significant fall in Tidal’s revenues over the last year.
The streaming service wasn’t mentioned during the prepared remarks section of Block’s earnings call yesterday.
However, CEO Jack Dorsey did call it out when answering a question, reiterating that Tidal’s plan for musicians is “making sure that they have what they need to continue to build up their careers in the same way that we’ve served sellers” [with its Square and Cash App businesses].
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