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Tidal launched last year and was bought by Jay Z in January for a reported $56 million. “Tidal will be transitioning to a permanent CEO as part of our strategic plan to create a leading platform, 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 statement continued.Īlso Read: 50 Cent Slams Jay Z's Tidal, Claims He Could Have Made It 'More Exciting' (Video) The first artist-owned streaming service will operate for the time being out of New York and Oslo until a new chief is named. The news comes on the same day the company announced two new distribution partners for the beleaguered service, which relaunched in March with a show of force by exclusively-signed artists Jay Z, Beyonce, Kanye West, Madonna, Rihanna, Nicki Minaj and Deadmau5. “We are thankful to Peter for stepping in as interim CEO and wish him the best for the future,” the company said in a statement to TheWrap.Īlso Read: Can Jay Z's Tidal Survive the Apple Music Onslaught? The one-time head of Aspiro, the Swedish streaming music service acquired by Jay Z before its rebranding as Tidal, replaced Andy Chen in April as interim chief. Reasons for his departure were not disclosed.

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25,000? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.Barely two months after naming him CEO, Tidal said goodbye to Peter Tonstad on Tuesday. Is Samsung Galaxy F62 the best phone under Rs. 'Together, Tidal and Square will be music-obsessed and artist-focused while we explore new artist tools, listener experiences, and access to financial systems that help artists be successful.' 'Tidal sets a high standard for supporting artists, capturing music culture, and delivering the best audio quality to fans,' Dorogusker said. Jesse Dorogusker, a Square executive, will serve as interim lead of Tidal when the deal closes. We'll work on entirely new listening experiences to bring fans closer together, simple integrations for merch sales, modern collaboration tools, and new complementary revenue streams.' The Twitter chief added that the tie-up makes sense because 'Square created (an) ecosystems of tools for sellers & individuals, and we'll do the same for artists. He'll now help lead our entire company, including Seller and the Cash App, as soon as the deal closes.' I knew Tidal was something special as soon as I experienced it, and I'm inspired to work with him.

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Jack and I have had many discussions about Tidal's endless possibilities that have made me even more inspired about its future.'Īs part of the deal JAY-Z will join the board of Square.ĭorsey said as part of a series of tweets: 'I'm grateful for Jay's vision, wisdom, and leadership. 'Artists deserve better tools to assist them in their creative journey.

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'I said from the beginning that Tidal was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers,' said JAY-Z, whose full name is Shawn Carter. Tidal will operate 'independently within Square,' according to the statement. The deal with Square establishes a new joint venture that gives the payments firm 'a significant majority ownership stake' along with the existing artist shareholders, the statement said. JAY-Z surprised fans in December 2019 by moving his music catalogue back to Spotify after a two-year hiatus.

The privately-held company had three million paying subscriptions in 2016, when it last disclosed figures.

Allegations Over Streaming Numbers at Jay-Z's Tidal Probedīut Tidal has struggled to compete against much larger streaming services such as Spotify and Apple.