We consider an exactly solvable worldsheet string theory in the background of a black brane with a gauge field flux. Holographically, such a system can be interpreted as a field theory with finite number of degrees of freedom at finite temperature and density. This is to be contrasted with more conventional holographic models which involve gravity in the bulk and possess infinite number of degrees of freedom and mean field critical exponents. We construct closed string vertex operators which holographically represent the U(1) gauge field and the stress-energy tensor and compute their two-point functions. At finite temperature and vanishing charge density the low-energy excitations are described by hydrodynamics. As the density is raised, the system behaves like a sum of two non-interacting fluids. We find low-energy excitations in the shear and sound channels of each fluid.