The CEO of the new music streaming company has stepped down, along with 25 other employees.
Jay-Z may have 99 problems, and finding a new CEO is definitely one. The CEO of Tidal, his streaming company, has stepped down after their first few weeks of play.
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Jay-Z bought the company just last month, and has gathered some of the best and the brightest in the music industry to join him - including notoriously streaming shy Taylor Swift. The company is said to be one of the best options for music lovers and musicians as well. With trouble already arising, one has to worry about the future.
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Jay-Z and Tidal released a statement to Business Insider:
TIDAL’s new interim [sic] CEO is Peter Tonstad – a former CEO of parent company Aspiro Group. He has a better understanding of the industry and a clear vision for how the company is looking to change the status quo. He’s streamlining resources to ensure talent is maximized to enhance the customer experience. We’ve eliminated a handful of positions and refocused our company-wide talent to address departments that need support and cut redundancies. TIDAL’s offices globally will remain and grow: we are already hiring for several new positions now. We’re excited about our future and what’s in-store for fans who want the best listening experience.