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Jay Z’s Tidal Loses Second CEO In Six Months

Jay Z’s Tidal Loses Second CEO In Six Months
[Photo: Kevin Mazur/Getty Images For Roc Nation]

Jay Z’s troubled music streaming service Tidal–positioned as a rival to Spotify and now Apple Music–just dismissed its interim CEO after less than three months on the job.

This is the second time in six months that Tidal has given a CEO the boot. Peter Tonstad stepped into the role when former CEO Andy Chen departed back in April. In a statement to Music Ally, Tidal said that it is now on the hunt for a more permanent replacement:

“We can confirm interim CEO Peter Tonstad is no longer with the company. We are thankful to Peter for stepping in as interim CEO and wish him the best for the future. 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.”

Despite Jay Z’s involvement and some high-profile celebrity backers like Beyonce and Kanye West, Tidal–which markets itself as a more artist-friendly streaming platform with superior audio quality–has struggled to gain paying audience share from competitors like Spotify and Pandora. Jay Z has taken to social media to aggressively defend Tidal, but even the lure of exclusive content like Nicki Minaj and Beyonce’s “Feeling Myself” video hasn’t moved the needle on its subscriber base, which is still middling at 770,000 users–a stark contrast to Spotify’s 20 million paying subscribers.

[via the Wall Street Journal]

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