Jay-Z’s streaming service Tidal is having a difficult time with not only gaining users, but keeping staff as well!
It’s reported that Tidal’s interim CEO Peter Tonstad, has just stepped down. This is the second CEO to depart the company since its debut. The prior CEO Andy Chen, left in April amidst layoffs.
This reconstruction of executive management comes at horrible time with Apple launching its Apple Music service next week.
Jay-Z bought Aspiro, the media tech company that houses Tidal, for $56 million in hopes of making it a leading competitor to already flourishing streaming services Spotify, Apple, and YouTube.
Even with all the celebrity backing coming from its famous co-owners like Madonna, Kanye West, and Beyoncé, the company is still struggling to gain an audience.
Tidal has about 900,000 users and charges $9.99 a month, while Spotify, who charges the same, has 20 million subscribers with option of a free ad enabled version.
Hopefully the folks at Tidal can figure out a strategy to keep them in the game. They will need a lot of help when Apple drops their service next week!
Source cited: LA Times
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