Tidal Has A New CEO, Company 'Refocussing'

Tidal, Jay Z's streaming music company that promises something different while copying Spotify's layout, is without a CEO. In a letter to investors, Tidal mentioned now-former CEO Andy Chen had left, replaced by his predecessor Peter Tonstad. Citing Tonstad's "clear vision" for what Tidal is trying to sell do, the company also says he's "streamlining resources". That dovetails with another report that up to 25 employees are now gone from Tidal, including Chen. Apparently, Jay Z is also calling everyone to let them know.

Not really, but that would be hilarious. Jay Z is reportedly calling Tidal subscribers personally to thank them for subscribing. A nice touch, but now we wonder what the other minority owners are doing to pull their weight.

In a statement to Business Insider, Tidal said while they've trimmed positions, they're also hiring:

TIDAL's new interum [sic] CEO is Peter Tonstad – a former CEO of parent company Aspiro Group. 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 hirinig [sic] for several new positions now. We're excited about our future and what's in-store for fans who want the best listening experience.

Tides are changing at Tidal. After launching the service anew in a weird contract signing ceremony, Jay Z and crew have come under fire as a plutocracy. Their promise of beefed-up audio may be all hype, too.

Whatever the case, we're sure Apple's incoming iTunes/Music/Beats/whatever-it's-called streaming effort will put Tidal in its place.

Source: Business Insider