“After less than three months in the job, the interim chief executive has been swept out at Tidal, Jay Z’s Scandinavia-based music-streaming service,” Jens Hansegard reports for The Wall Street Journal.
“In announcing on Tuesday that Peter Tonstad was let go, a Tidal official said, ‘We are thankful to Peter for stepping in as interim CEO and wish him the best for the future,'” Hansegard reports. “Tidal, closely held by Jay Z and a group of other musicians, will be run by executives in New York and Oslo until a new chief is in place, the official said.”
“In March, a grandiose news conference was held to unveil and promote the service, but it fell flat as many music fans thought the company’s new pop-star owners came off as greedy and out-of-touch,” Hansegard reports. “At 770,000, Tidal’s base of paying subscribers pales in comparison Spotify’s. Nor does Tidal have anything like Apple’s marketing firepower. And despite its artist-owned pedigree, Tidal may not be able to match the extensive music-industry relationships that Apple has built up during the 12 years in which its iTunes Store has become the world’s biggest music retailer.”
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MacDailyNews Take: At least Peter Tonstad will be spared the carnage that will be unleashed upon Tidal in 6 days, 9 hours, 29 minutes and 46 seconds.