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Tidal CEO Steps Down As Dozens Of Employees Are Let Go! Is Jay Z's Streaming Service Already In Trouble???

| Filed under: Music MinuteBeyonceJack WhiteJay ZBusiness Blitz

Things are NOT looking good for Tidal!

Well this does NOT sound like good news for Tidal!

It's been less than a month since Jay Z launched his premium music streaming service, and the company is apparently already undergoing a MAJOR personnel change!

[ Related: Jay Z, Beyoncé, Madonna, & MORE Gather For A HUGE Announcement From TIDAL! ]

Andy Chen, who was a CEO of the Tidal's parent company, Aspiro Group, has reportedly stepped down and will be replaced by former Aspiro CEO Peter Tonstad!

The news comes on the heels of reports that up to 25 more Tidal employees have already been let go. However, the company says that "less than half" of that reported number have actually left.

Tidal released a statement on the big change, saying:

"Tidal's new interim 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 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."

Hmmm. We're not surprised to see them trying to put a positive spin on this, but they're NOT fooling us!!

In fact, earlier today it was reported that big artists like Jack White and Jay himself have been making personal phone calls to subscribers!!

Sounds a bit desperate if you ask us!

What do YOU think, readers?? Is Tidal in trouble??? Make sure you sound off in the comments BELOW!

[Image via WENN.]

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