Posted 06/24/2015 at 10:01 AM
Posted 2 years ago
The streaming music service Tidal is going through another rough patch with the loss of its CEO for the second time in the past three months.
The company announced on Tuesday that it had let go of their interim CEO, Peter Tonstad.
Tonstad had been named to the position in March after the previous CEO, Andy Chen, was cut loose along with 24 other employees in a “streamlining” initiative.
When contacted by a Norwegian newspaper however, Tonstad put the news under a different spin, saying that “the only thing I can confirm is that I resigned.”
For its part, Tidal’s press release thanked Tonstad for his work and stated that they are committed to finding a permanent CEO and that the search will be conducted from both their New York City and Oslo offices.
Circumstances aside, the change comes at a tough time for the streaming music service acquired by Jay-Z. While it has seen some growth, its subscriber numbers (currently at 770,000) are tiny in comparison to Spotify’s 20 million-strong subscriber base.
And with Apple Music set to make its debut before the month ends along with word of Google possibly entering the fray with their own service, Tidal will have to find someone to steer the ship sooner than later.