Feb 10, 2020

February 10, 2020 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. Stuart Dredge