The tides are turning fast for Jay Z's music streaming service. For the second time since March, Tidal has fired a CEO.
On Tuesday, the company announced that it was dismissing Peter Tonstad. Tonstad took over when former CEO, Andy Chen departed back in April.
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The move comes as competition mounts in the world of streaming music. Spotify currently has the largest share in the market with 20 million paying subscribers, and Apple inc. is planning on rolling out its Apple music which will offer similar services. Just yesterday Google announced it has made its streaming music service, Google Play music free without a subscription.
With only 770,000 subscribers, Tidal is still working to find its niche in the fast moving world of streaming music. It seems Jay Z is approaching this endeavor like he has everything else in his career. He and a group of other chart topping musicians will run the company until a new chief is in place.