Is Jay Z's Tidal in trouble?

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As competition from rivals Spotify and Apple Music increases, the Jay Z-backed streaming service Tidal is said to be facing money problems, according to Norway's Dagens Naeringsliv.

Following the Dagens Næringsliv report, Tidal denied that it's on the rocks, saying in a statement that: "We have experienced negative stories about Tidal since its inception and we have done nothing but grow the business each year".

A new report suggests that the company could be in trouble. Tidal said a year ago it had hit 3 million subscribers, but the newspaper claimed the number was closer to 1 million.

This seems to go against the report which states that Tidal apparently lost as much as $44 million before taxes previous year, although the company seems to believe that they will be able to break even and possibly even achieve profitability mid-2018.

JAY-Z's Tidal may be on the verge of sinking.

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In January, Sprint poured $200 million in the company that Jay Z created. For losses of $581 million, it recorded earnings of $3 billion. The music streaming service was start producing content available exclusively to Sprint customers after the deal.

Back in 2015, Young Hov and other top-tier entertainers pushed TIDAL as a service to help fellow musicians. Of those users, Tidal said at the time, 45 percent had selected the lossless $19.99 per month plan.

Since then, West left Tidal and the two have traded legal pleasantries about their future, according to a report from TMZ.

Jay Z is yet to respond to the report.

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