It seems Jay Z’s new streaming service Tidal has 99 problems, but a CEO ain’t one.
Tidal CEO Andy Chen has left the company, according to Swedish website Breakit. The blog had been looking into the layoff of 25 employees at Tidal when a spokesman for the service confirmed that Chen would no longer be serving as CEO and that former CEO Peter Tonstad would take the helm in the interim.
Here is the statement Breakit received from Tidal:
TIDAL continues to ignite a global conversation; one that puts the artist and music lover at the center of the experience. As the new interim CEO of TIDAL, Peter Tonstad is focused on the company’s industry-leading content quality and connection to the fans. Tonstad has been with Aspiro Group, TIDAL’s parent company since 2010 and replaces former CEO Andy Chen.
This quote from Tonstad was also included in Tidal’s email to Breakit:
I believe in TIDAL and what the team is doing to effect 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 first acquired Asprio AB, which owned Tidal and music streaming service WiMP, for $56 million in January. The subscription based service competes with both Spotify and Apple’s Beats.