Music streaming company Tidal has given the boot to two of its top executives, including both its Chief Operating Officer Nils Juell and Chief Financial Officer Chris Hart, according to Norwegian Newspaper Dagens Næringsliv.
The streamer has had a seemingly endless onslaught of issues since it was purchased by Jay Z for $56 million in March 2015; Tidal has had three CEOs in its 17 months in the United States, and has had a myriad of high-level exoduses, including its former Senior VP of Label Relations Zena Burns, who left after just two months with the company. Former Chief Investment Officer Vania Schlogel, who was credited as the brains behind Tidal’s initial launch, has also left.
Originally valued at $250 million dollars, Tidal is currently estimated be worth around the $100 million mark, with several streaming services and hardware giants looking to purchase it.
Current CEO Jeff Toig, who came to the company from another fellow struggling streaming site SoundCloud, is in the process of a bout of layoffs and consolidation, looking to move all of the company’s key operations to its New York office. Both Juell and Hart were working out of the company’s original offices in Oslo, Norway when they were let go, and had been since before the company launched stateside.
Tidal has also made headlines recently for allegedly failing to pay out royalties on time, an issue for which it has been slapped with a class action lawsuit. But beyond the operations and finance issues, Tidal also faces problems when it comes to orchestrating releases. The company botched the release of Rihanna’s latest album Anti, and Kanye West’s exclusive launch on the service for The Life of Pablo may well go down as the worst release cycle of a generation.
With such an endless onslaught of bad news coming from Tidal these days, the choice of a punishing wave for its branding seems increasingly fit.