2 months after Peter Tonstat was named the interim CEO of Jay Z’s failed Tidal music streaming service, he has been let go.
Tonstat was pushed out the door by Tidal co-owner Jay Z, an official told the Wall Street Journal. “We are thankful to Peter for stepping in as interim CEO and wish him the best for the future,” the official said.
If you recall, Mr. Tonstat replaced the previous CEO who was also let go for failing to compete with other music services including Spotify.
Tidal will now be run into the ground by an assortment of New York and Oslo, Norway executives.
Tidal was launched earlier this year at an aggressive press conference attended by some of the music industry’s biggest narcissists including Jay Z, Beyonce, Rihanna, Madonna, Nicki Minaj and others who all had a financial stake in the music app.
But the backlash from music consumers was swift and Tidal soon dropped off the radar.
Now Tidal faces an even bigger challenge from Apple’s new music service, Apple Music, which will offer unlimited music for a paltry $10 a month.
Tidal is Jay Z’s latest failure in the cutthroat world of business.
Not even his voluptuous wife Beyonce can save this sinking Titanic.
Thanks to loyal reader Dr. Pepper for the tip.
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