Interim CEO of Jay Z's Tidal, Peter Tonstad, leaves streaming service

Markets Associated Press

The interim CEO of Jay Z's streaming service, Tidal, has left the company.

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A representative for Tidal said Tuesday that Peter Tonstad "is no longer with the company." Tonstad joined Tidal in April, replacing then-CEO Andy Chen. Tonstad was previously the CEO of Aspiro Group, parent company of Tidal.

Tidal has struggled to compete with other streaming services since its launch at the end of March. Tidal "will be transitioning to a permanent CEO as part of our strategic plan to create a leading platform," the statement read.

A business controlled by Jay Z bought Tidal for $56 million in mid-March. The music and video service is co-owned by Jay Z, Beyonce, Jason Aldean, Nicki Minaj, Kanye West, Madonna and others.