Jay Z’s Tidal replaces CEO two weeks after launch | M&M Global

Jay Z’s Tidal replaces CEO two weeks after launch

Tidal, the Jay-Z-led music service that hit the headlines last month, has lost its chief executive only a few weeks after its launch.

Tidal

Andy Chen, the chief executive of Tidal, which Jay Z bought for $56m, will be replaced by Peter Tonstad, the former CEO of Tidal’s parent company Aspiro, on an interim basis.

According to Business Insider, Chen was the most notable departure out of a reported 25 employees that were asked to leave last Friday (17 April).

However, Tidal has now dismissed reports that 25 staff were leaving the company as incorrect, and said that the company is in the process of “streamlining.”

The company said in a statement: “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.”

Tonstad told Breakit: “I believe in Tidal and what the team is doing to affect the change the music industry needs. We’re streamlining the company and refocusing our resources to ensure the platform continues to grow, and listeners can make a connection to their favourite artists. No one else is doing this.”

Unlike Spotify, Tidal will not offer an ad-funded free version. Instead, users will offered a $9.99 basic version and a $19.99 “high-fidelity” streaming package.

Spotify has previously clashed with stars such as Taylor Swift and Radiohead’s Thom Yorke over the fees it offers artists; Tidal claims its service includes a more appropriate remuneration for artists.

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