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Why Streaming Struggles
JimH:
Google Play Music Store has shut down:
https://9to5google.com/2020/10/12/google-play-music-store-shutdown/
JimH:
More on Google Play Music's end:
https://www.androidpolice.com/2020/10/22/google-play-music-is-now-officially-dead-dead-dead/
JimH:
Quibi, who offered short video episodes, designed for viewing on a phone, just closed. They raised $1.8 Billion and lasted just six months.
Splat.
https://www.theverge.com/21559189/quibi-final-days-streaming-platform-coronavirus
https://www.crunchbase.com/organization/quibi
JimH:
Not their latest financial report, but in 2019, Tidal lost $55.8 million on sales of $166.9 millions, most of which probably came from Sprint.
https://www.digitalmusicnews.com/2021/01/13/tidal-2019-earnings-report/
https://www.digitalmusicnews.com/wp-content/uploads/2021/01/project-panther-bidco-report-2019.pdf
That loss is like building a business by selling $100 bills for $67. Somebody is keeping them on life support. Possibly Sprint. Possibly the labels who may not be getting paid very promptly.
JimH:
Square intends to purchase a majority interest in Tidal for $297 million. No mention of Sprint, who reportedly bought half of Tidal for $200 million a few years ago.
https://squareup.com/us/en/press/tidal?utm_term=_qujoysr9akkfqzmykk0sohzgkn2xppcztfqxh2r200&irgwc=1&utm_medium=affiliate&utm_source=impact
As the article says, "Why?" Tidal still doesn't come close to making money.
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