Tidal Fires Interim CEO
Peter Tonstad, interim CEO of the music streaming service Tidal, has been relieved of his duties after only three months. According to Billboard, Tidal's brass has been in a strange sort of limbo of late, with Chief Investment Officer Vania Schlogel a no-show for a scheduled appearance at New York's New Music Seminar today (June 23). Schlogel has been the company's public face for some time now, speaking at public events and addressing shareholders. Tonstad took over for former CEO Andy Chen after the company's Swedish offices were shut down this spring. This continues a tumultuous period for the company, after a rollout that suffered from negative PR and stiff competition from more established streaming services, like industry leader Spotify and what was once Beats Music.
The latter was recently re-launched as Apple Music, the product of more than a year of development and market research from the electronics giant. With an introduction from Drake and the input of Dr. Dre and Jimmy Iovine, Apple is sure to give Spotify a run for its money atop the streaming service totem pole. Tidal, which is owned by Jay Z, has pitched itself as an artist-friendly platform, with famous musicians as part owners and a campaign that claims to leave more money in the hands of those who create the music. As the major record labels catch up to the realities of the paid streaming market--and implement the pay structures that make the most sense for those who control the publishing--it will be interesting to see how the race shakes out.