Tidal Streaming Service Loses Yet Another CEO
Published Jun 23, 2015Since launching back in March, Jay Z's Tidal streaming service has grabbed more than its fair share of headlines. Backed by the likes of Kanye West, Drake and Daft Punk and publicly scorned by Mumford and Sons, Death Cab for Cutie and Noel Gallagher, the company has had some issues beyond the realm of celebrity endorsements.
In addition to dwindling popularity in the App Store, the company has now undergone another high-level personnel shuffle. The company's first CEO, Andy Chen, left the company in April and was replaced by interim executive Peter Tonstad. Today (June 23), Tidal announced that Tonstad is "no longer with the company." His replacement has not yet been announced.
"We are thankful to Peter for stepping in as interim CEO and wish him the best for the future," said a company spokeswoman [via the Guardian]. "Tidal will be transitioning to a permanent CEO as part of our strategic plan to create a leading platform, and current executives in New York and Oslo will continue to lead our rapidly developing innovation and content initiatives until our new CEO is in place."
Jay Z recently defended the service, citing their 770,000 subscribers as a positive point and noting that competitors like iTunes and Spotify achieved their success over long periods of time. As a main differentiating factor, Tidal remains committed to paying artists, producers and writers of the streaming music a fair portion of the royalties.