Tidal has yet to pay an advance to Sony Music, according to reports.
Since it's relaunch under Jay Z's ownership a couple months back, Tidal has been a hot topic in the music industry, receiving plenty of backlash, and causing Jay to constantly be on the defensive side of things.
While Hov has expressed that the streaming service is doing "just fine," a new report from Bloomberg isn't so confident in the future of Tidal. According to the piece, titled, "That’s Business, Man: Why Jay Z’s Tidal Is a Complete Disaster," the company is being asked to pay out big advances to major labels in order to ensure their catalogs.
While sources close to Tidal say that a deal has been inked with Warner, Sony is reportedly yet to be swayed, and being one of the three monster labels-- it's lack of participation would be a major loss, especially seeing as they own the rights to Beyoncé's catalog.
We'll have to wait and see if Tidal will work things out with the labels and persevere through their somewhat rocky start. Do you think they have a strong future ahead of them?