After only three months on the job Tidal CEO Peter Tonstad has quit, leaving the streaming music service without a leader. Mr. Tonstad was hired after Tidal fired his successor, Andy Chen, making him the second CEO to go in six months.
Tidal is on the hunt for a new CEO again
Tidal commented on Mr. Tonstad leaving, saying,
We are thankful to Peter for stepping in as interim CEO and wish him the best for the future. Tidal will be transitioning to a permanent CEO as part of our strategic plan to create a leading platform, and current executives in New York and Oslo will continue to lead our rapidly developing innovation and content initiatives until our new CEO is in place.
Tidal held a media event in March to show off its streaming music service. The company touts itself as "The first music streaming service that combines the best High Fidelity sound quality, High Definition music videos and expertly Curated Editorial," and as a company that's paying artists higher royalties for their work.
Owners of the company include musical artists Madonna, Jay-Z, Beyoncé, Daft Punk, Jack White, Alicia Keys, Usher, Kanye West, Chris Martin, Rihana, Win Butler, Régine Chassagne, Dead Mouse, Nicki Minaj. Since Tidal is owned by musicians, the theory goes, it's better equipped to understand artist's needs.
While Tidal may have a handle on artists, it doesn't seem to be able to keep its top management around. Mr. Tonstad was brought in as an interim CEO, but it isn't likely the company planned on him leaving after only three months. It sounds like Tidal is planning on moving forward without a top boss while the hunt for a permanent CEO continues.
Tidal's new interim leadership plan comes at an awkward time for the company. Tital is trying to compete against Spotify's 20 million subscribers with its 800,000, and Apple is launching Apple Music at the end of the month. Without clear leadership, Tidal may have a hard time holding its own in the rapidly changing streaming music market.
[Thanks to Sky News for the heads up]