Tidal, Jay-Z’s treasured streaming music service, has lost yet another CEO from its payroll. This past April, when CEO Andy Chen left the company, Peter Tonstad took on the reigns as interim CEO. Now, Spin reports, Tonstad has chosen to follow in his predecessor’s footsteps and leave the company himself.
Tidal provided the following statement for The Wall Street Journal:
We are thankful to Peter for stepping in as interim CEO and wish him the best for the future.
A replacement for Tonstad is yet to be revealed.
Following Tidal’s introductory press conference headed by Jay-Z back in March, the streaming service has been met with a multitude of negative press, including Ben Gibbard’s (Mumford & Sons) critique of its “feed the rich” business plan. Additionally, despite Tidal’s emphasis of putting more in the artists’ pocket, it was confirmed by The Hollywood Reporter that only 2.5 percent more is paid to artists than the average.
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