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Tidal waves goodbye to another CEO

Luke Johnson

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Tidal streaming service

The struggles of artist-owned streaming site Tidal continue, with the Spotify rival waving goodbye to its second CEO in a matter of months.

Having lost Andy Chen back in April, Peter Tonstad has now left Jay Z’s streaming service, although the reasons behind his departure have yet to be made clear.

Despite suggesting that Tonstad had only ever been installed as an “interim CEO”, Tidal has not disclosed any details on who his eventual successor might be.

“We are thankful to Peter for stepping in as interim CEO and wish him the best for the future,” an official Tidal spokesperson told TheWrap.

They added: “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 was acquired by Jay Z back in January for a reported $56 million (£35.5m), with the rapper relaunching the lossless audio service at the end of March.

Related: Apple Music vs Spotify

Having failed to successfully eat into Spotify’s dominance of the music streaming market, Tidal will soon face increased competition from Apple’s upcoming service, Apple Music.

Set to launch next Tuesday, June 30, Apple Music will allow users to stream any of the tracks available in the iTunes store, as well as introduce the first 24-hour, global radio station, Beats 1.

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