Peter Tonstad, the interim CEO of Jay Z's music streaming service Tidal, is out after less than three months into the job.
According to the Wall Street Journal, Tidal will now be led by a team of executives in both New York and Oslo until a new CEO can be found. “We are thankful to Peter for stepping in as interim CEO and wish him the best for the future,” a Tidal official said to the WSJ.
Tonstad previously served as CEO of Aspiro, Tidal's parent company. He was made interim CEO in April after Andy Chen left the company. When Tonstad was hired, the company said in a statement: "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."
Tidal launched in October, and in April Jay-Z said it had over 770,000 subscribers. Spotify, by comparison, has 20 million subscribers and 75 million active users, adding 10 million subscribers in the past year alone. The 55 million nonsubscribers are using Spotify's free tier, which Tidal does not have.