The CEO of Jay Z's Aspiro, the parent company of the Swedish music streaming service Tidal that was purchased by Hov last month for $56 million, has left the company, according to reports on Business Insider.
Aspiro's former CEO, Peter Tonstad, will replace Andy Chen, according to a statement made by Tidal.
Yesterday (April 17), reports began circulating on Swedish news site Breakit that approximately 25 of the organization's employees were "forced to leave."
However, such rumors were subsequently labeled as "incorrect" from a Tidal representative, according to Business Insider. Instead, they are being considered as "redundancies" and "streamlining."
Succeeding Andy Chen's departure, the streaming company issued the following statement:
"TIDAL's new interum [sic] CEO is Peter Tonstad – a former CEO of parent company Aspiro Group. He has a better understanding of the industry and a clear vision for how the company is looking to change the status quo. He's streamlining resources to ensure talent is maximized to enhance the customer experience. 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 hirinig for several new positions now. We're excited about our future and what's in-store for fans who want the best listening experience."
Aspiro's new CEO Peter Tonstad released the following statement to Breakit:
"I believe in TIDAL and what the team is doing to affect the change the music industry needs," Tonstad says. "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."
Yesterday (April 17), it was reported that Jay Z has been personally calling Tidal subscribers to thank them for using the service.