*While in the process of transitioning to a permanent CEO, the interim CEO of Jay Z’s streaming service Tidal has just stepped down.
“We can confirm interim CEO Peter Tonstad is no longer with the company,” a rep for the music streaming company tells The Hollywood Reporter. “We are thankful to Peter for stepping in as interim CEO and wish him the best for the future.”
Tonstad has yet to be replaced, according to the streaming company.
“TIDAL will be transitioning to a permanent CEO as part of our strategic plan to create a leading platform,” the rep continues, “and current executives in New York and Oslo will continue to lead our rapidly developing innovation and content initiatives until our new CEO is in place.”
The announcement comes two days after Tidal’s new competitor Apple Music announced it would revise its payment policy during its upcoming three-month trial period.
Apple had initially refused to pay labels during the trial, but Sunday, Taylor Swift penned an open letter criticizing Apple for the no-pay period, writing, “This is not about me. Thankfully I am on my fifth album and can support myself, my band, crew, and entire management team by playing live shows. This is about the new artist or band that has just released their first single and will not be paid for its success. This is about the young songwriter who just got his or her first cut and thought that the royalties from that would get them out of debt.”
Apple responded hours later, promising to reverse the initial plan.
Tidal has also faced considerable competition from competitor Spotify, which has continued to dominate the streaming space since Tidal entered to much fanfare in March.
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