News : Tidal CEO + 25 Employees Fired
News : Tidal CEO + 25 Employees Fired
Tidal, the music service owned by rapper Jay Z and more than a dozen fellow musicians, named Peter Tonstad as interim chief executive officer, replacing Andy Chen.
Tonstad, who oversaw Tidal under its prior owner, “has a better understanding of the industry and a clear vision for how the company is looking to change the status quo,” according to an e-mailed statement Friday. Tidal also confirmed reports in the Swedish press that it fired some executives.
“We’ve eliminated a handful of positions and refocused our companywide talent to address departments that need support and cut redundancies,” the company said in the statement. “Tidal’s offices globally will remain and grow. We are already hiring for several new positions now.”
Jay Z acquired Tidal to give artists more control over the subscription streaming, the fastest-growing part of the music industry. Revenue from subscriptions climbed 39 percent to $1.57 billion last year, according to the U.K.-based International Federation of the Phonographic Industries.
Tonstad is a former CEO of Aspiro Group, the Malmo, Sweden-based parent of Tidal that Jay Z bought this year.
The most popular subscription service is owned by Spotify Ltd. Apple Inc. is remaking the service it acquired from Beats Electronics LLC.
Tidal, which offers exclusive songs and videos from participating artists such as Nicki Minaj and Jay Z, has a high-quality streaming subscription for $19.99 a month and a standard service that starts at $9.99. The company doesn’t have free streaming product.
Visit Tidal
Website
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Sources : Tidal Photo | Tidal Article
Tidal, the music service owned by rapper Jay Z and more than a dozen fellow musicians, named Peter Tonstad as interim chief executive officer, replacing Andy Chen.
Tonstad, who oversaw Tidal under its prior owner, “has a better understanding of the industry and a clear vision for how the company is looking to change the status quo,” according to an e-mailed statement Friday. Tidal also confirmed reports in the Swedish press that it fired some executives.
“We’ve eliminated a handful of positions and refocused our companywide talent to address departments that need support and cut redundancies,” the company said in the statement. “Tidal’s offices globally will remain and grow. We are already hiring for several new positions now.”
Jay Z acquired Tidal to give artists more control over the subscription streaming, the fastest-growing part of the music industry. Revenue from subscriptions climbed 39 percent to $1.57 billion last year, according to the U.K.-based International Federation of the Phonographic Industries.
Tonstad is a former CEO of Aspiro Group, the Malmo, Sweden-based parent of Tidal that Jay Z bought this year.
The most popular subscription service is owned by Spotify Ltd. Apple Inc. is remaking the service it acquired from Beats Electronics LLC.
Tidal, which offers exclusive songs and videos from participating artists such as Nicki Minaj and Jay Z, has a high-quality streaming subscription for $19.99 a month and a standard service that starts at $9.99. The company doesn’t have free streaming product.
Visit Tidal
Website
Contact Bloomberg
Website | Facebook | Twitter | Tumblr | LinkedIn
Sources : Tidal Photo | Tidal Article
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