It looks like royalties to music labels are closer to 80% according to this blog.
https://thebusinessoftech.wordpress.com/tag/tidal/
Here are some numbers from that article ...
[TABLE="width: 581"]
[TR]
[TD="width: 198"]Pricing Structure[/TD]
[TD="width: 198"]Price per Month[/TD]
[TD="width: 184"]% of User Base[/TD]
[/TR]
[TR]
[TD="width: 198"]Hi-fidelity[/TD]
[TD="width: 198"]$ 19.99[/TD]
[TD="width: 184"]45%[/TD]
[/TR]
[TR]
[TD="width: 198"]Regular[/TD]
[TD="width: 198"]$ 9.99[/TD]
[TD="width: 184"]55%[/TD]
[/TR]
[/TABLE]
[TABLE="width: 623"]
[TR]
[TD="width: 198"]Revenue[/TD]
[TD="width: 198"]Monthly[/TD]
[TD="width: 227"]Yearly[/TD]
[/TR]
[TR]
[TD="width: 198"]Hi-fidelity Subscription[/TD]
[TD="width: 198"]$ 26,986,500.00[/TD]
[TD="width: 227"]$ 323,838,000.00[/TD]
[/TR]
[TR]
[TD="width: 198"]Regular Subscription[/TD]
[TD="width: 198"]$ 16,483,500.00[/TD]
[TD="width: 227"]$ 197,802,000.00[/TD]
[/TR]
[TR]
[TD="width: 198"]Total Revenue[/TD]
[TD="width: 198"]$ 43,470,000.00[/TD]
[TD="width: 227"]$ 521,640,000.00[/TD]
[/TR]
[TR]
[TD="width: 198"]Cost[/TD]
[TD="width: 198"][/TD]
[TD="width: 227"][/TD]
[/TR]
[TR]
[TD="width: 198"]Royalty Pay-out Costs*[/TD]
[TD="width: 198"]$ 17,388,000.00[/TD]
[TD="width: 227"]$ 208,656,000.00[/TD]
[/TR]
[TR]
[TD="width: 198"]R&D Costs**[/TD]
[TD="width: 198"]$ –[/TD]
[TD="width: 227"]$ –[/TD]
[/TR]
[TR]
[TD="width: 198"]Total Cost[/TD]
[TD="width: 198"]$ 17,388,000.00[/TD]
[TD="width: 227"]$ 208,656,000.00[/TD]
[/TR]
[TR]
[TD="width: 198"][/TD]
[TD="width: 198"][/TD]
[TD="width: 227"][/TD]
[/TR]
[TR]
[TD="width: 198"]Profit Margin[/TD]
[TD="width: 198"][/TD]
[TD="width: 227"]60%[/TD]
[/TR]
[TR]
[TD="width: 198"]Profit[/TD]
[TD="width: 198"]$ 26,082,000.00[/TD]
[TD="width: 227"]$ 312,984,000.00[/TD]
[/TR]
[/TABLE]
Tidal was supposed to have an advantage here being owned by some of the artists.
But still 70% - 80% is an absolute killing considering that most of the heavy lifting is being done by someone else.