Tidal ebbs as CEO quits Jay Z’s music streaming service
Music streaming service Tidal has been hit by the departure of its CEO just one month after the launch of the Jay Z backed music business.
Andy Chen’s exit has necessitated the elevation of Peter Tonstad, former CEO of parent company The Aspiro Group, to fill the post in an interim capacity whilst ‘streamlining’ operations.
In a statement Tidal said: “He (Tonstad) has a better understanding of the industry and a clear vision for how the company is looking to change the status quo. He's streamlining resources to ensure talent is maximized to enhance the customer experience.”
"We've eliminated a handful of positions and refocused our company-wide talent to address departments that need support and cut redundancies. TIDAL’s offices globally will remain and grow: we are already hiring for several new positions now. We're excited about our future and what's in-store for fans who want the best listening experience."
Tidal was launched on 31 March and is backed by Beyonce, Kanye West and Madonna with the aim of providing a premium £19.99 per month service to boost the rewards on offer for artists and producers.