Tidal’s interim CEO, Peter Tonstad, has stepped down, two months after he took on the position, Variety reports. Tonstad confirmed the resignation to a Norwegian news outlet, without giving further details.
The company later responded with an official statement. “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.”
Jay Z bought Tidal for a reported $56 million from Aspire, a Swedish streaming company. At the star-studded launch this spring, Tidal was presented as an alternative to Spotify’s infamously low payouts for artist royalties, in addition to its high-quality streaming.
While Hov easily rounded up Beyoncé , Nicki Minaj, Kanye West, Madonna, Rihanna and other major artists, it’s been hard getting customers to ride the Tidal wave. The brunt of discrepancies surround the monthly price. Despite a free trial, Tidal’s monthly rate for top-tier service is double that of Spotify, and now Apple Music.
Tonstad joined Tidal in April, after previous CEO Andy Chen left two weeks after Jay’s acquisition. Tonstad was touted as having a “better understanding of the industry,” and a “clear vision” of how the company wants to "change the status quo."
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