It's been less than a month since Hip-Hop mogul/rapper Jay Z launched his "start-of-the-art" music streaming service, Tidal, and everything from the roll-out, to the releasing of exclusives, and Jay Z calling subscribers, has been viewed as momentous in terms of the company's grandmaster plan.
The company, however, has already received the best and the worst from critics and consumers alike. While several artists have been reluctant to sail high on the Tidal wave, mainly due to issues surrounding the collection of royalties from streaming, the company has seen an influx in profit, with it now being valued at $250 million (Jay purchased it for $56 mil) since its launch.
Although the company has garnered a lot of attention and cash to boot, things aren't looking so dandy for Tidal CEO, Andy Chen, who according to Bloomberg.com has been relieved from his duties, and is being replaced by Peter Tonstand, the former CEO of Tidal's parent company Aspiro.
It is also reported that along with Chen, a number employees (25 to be exact) have been also handed their pink slips.
In a statement released by Tidal and Peter Tonstand, the interim CEO admits that although the company will be undergoing some major changes, he states that things will surely improve soon, saying, "I believe in TIDAL and what the team is doing to affect the change the music industry needs. We're streamlining the company and refocusing our resources to ensure the platform continues to grow, and listeners can make a connection to their favorite artists. No one else is doing this."
"We've eliminated a handful of positions and refocused our company-wide talent to address departments that need support and cut redundancies. TIDAL's offices globally will remain and grow: we are already hiring for several new positions now. We're excited about our future and what's in store for fans who want the best listening experience."
Is it the beginning of the end for Hov and Tidal already? Sound off in the comment section below.
Source: Bloomberg | Pic via Splash News
