Tidal only launched last month but now it has emerged that the CEO of Jay Z’s music streaming service is leaving the company.
In a statement Tidal announced that Andy Chen was departing with Peter Tonstad, a former CEO of the parent company Aspiro Group, stepping taking on the position in the interim.
The announcement read: “He 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."
There were also reports that there were 25 redundancies, however a Tidal spokesperson told Business Insider that this as “incorrect” and that the company is in the process of “streamlining”.
Tonstad, too, released a statement following his recent appointment, saying, “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 favorite artists. No one else is doing this.”
Jay- Z’s new streaming service was unveiled to the world on 31 March at a glitzy launch in New York and the backing of a raft of big-name musicians, including Beyonce, Kanye West, Madonna and Cold Play’s Chris Martin.
Tidal aims to provide subscribers with CD-quality music and access to 75,000 music videos and other content such as interviews with artists for £19.99 per month. The service has been touted as the streaming service that reward artists and producers.
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