Jay Z’s Tidal Loses 2nd CEO In Six Months

Jay Z’s afflicted tune streaming provider Tidal—put as a rival to Spotify and now Apple song—simply dismissed its interim CEO after not up to 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 again in April. In a statement to tune Ally, Tidal said that it is now on the hunt for a extra permanent replacement:

“we will ascertain interim CEO Peter Tonstad is no longer with the corporate. we are thankful to Peter for stepping in as period in-between CEO and need him the most effective for the longer term. Tidal will probably be transitioning to a everlasting CEO as part of our strategic plan to create a leading platform, and present executives in ny and Oslo will continue to lead our abruptly developing innovation and content material initiatives until our new CEO is in position.”

despite Jay Z’s involvement and some high-profile celebrity backers like Beyonce and Kanye West, Tidal—which markets itself as a extra artist-friendly streaming platform with sophisticated audio high quality—has struggled to gain paying target audience share from opponents like Spotify and Pandora. Jay Z has taken to social media to aggressively protect Tidal, however even the entice of unique content like Nicki Minaj and Beyonce’s “Feeling Myself” video hasn’t moved the needle on its subscriber base, which continues to be middling at 770,000 customers—a stark distinction to Spotify’s 20 million paying subscribers.

[by way of the Wall boulevard Journal]