Tidal chief executive is out: Peter Tonstad exits as boss of Jay Z's music streaming service

Lynsey Barber
Follow Lynsey
Tidal has lost another chief executive (Source: Getty)

The boss of Jay Z's fledgling music streaming service has left after less than three months in charge.

The company which was launched by the music superstar in March with backing from fellow musicians such as Kanye West and Daft Punk, said Peter Tonstad was stepping down as interim chief executive in a statement.

"Current executives in New York and Oslo will continue to lead our rapidly developing innovation and content initiatives until our new chief executive is in place," it added.

Tonstad replaced Andy Chen, who left in April shortly after Jay Z bought the Swedish streaming service in a £37m deal.

It's a set back for the service amid increasing competition from Apple's entry into the market with its own service, Apple Music, and as artists raise concerns about the royalties they receive from streaming.

Apple this week backed down from a payment policy that meant musicians would not be paid for their music for three months due to a free trial offered to subscribers, after being called out by Taylor Swift.

Related articles