Rising losses leave Jay-Z's Tidal in deep water

Apple has been linked with a bid to buy the service...

Hip hop superstar Jay-Z's often maligned music streaming service Tidal doubled its losses last year as it dug deep to try to establish a foothold in the increasingly competitive battle for ear buds.

The Wall St Journal reports that the company recorded a loss of 239 million Swedish kronor (€25million) - up from 88.9 million kronor in 2014.

Its revenue did increase by 30% - but the service is failing to keep pace with market leader Spotify and Apple Music which has the benefit of the Californian company's deep pockets.

The 'artist-owned' app has one trump card - access to exclusive streams from a number of iconic musicians.

Beyonce and Chicago rapper/producer Kanye West are part owners of the service and both released their latest albums exclusively through Tidal.

With Apple still trailing Spotify - there have been reports that it is considering buying Tidal - a move which would reduce the competition that Apple Music faces and possibly secure control of Tidal's exclusive releases.

Kanye West issued a stream of tweets in July which called on Apple to buy Tidal - it's unclear whether he knows something that we don't - or if this was a case of wishful thinking.

This would up the pressure on Spotify, which has already missed out on a number of landmark releases in 2016 - including music from Radiohead, Frank Ocean, and Chance the Rapper.

A statement from Tidal's parent company Aspiro said, "The board believes the company will be able to secure new financing."