The CEO of Jay Z’s struggling high-definition music streaming service Tidal quit on Tuesday less than three months on the job. Hip-hop mogul Jay Z purchased the music streaming service in March for $56million and it became a private company co-owned by a host of stars including Madonna, Kanye West and Rihanna.
A representative for Tidal said Tuesday that Peter Tonstad ‘is no longer with the company’ and confirmed it ‘will be transitioning to a permanent CEO as part of our strategic plan to create a leading platform.
CBS News reported that the subscription service, which was originally based in Norway, had been marketed as ‘a moment that will forever change the course of music history’ but since the revamped service was unveiled to the public in New York in March, it has struggled to find an audience and has now lost its second CEO.
Soon after Jay Z took over the company it was announced that CEO Andy Chen was leaving to be replaced by Peter Tonstad, a former CEO of Tidal’s parent company Aspiro Group, as interim chief executive.