Another one bites the dust: Tidal loses 2nd CEO this year

Jay-Z's streaming service, Tidal, has lost its second CEO in the past six months.

Interim Tidal CEO Peter Tonstad left the company after serving in the position for about three months, Tidal confirmed on Tuesday. The company's prior CEO, Andy Chen, left in April.

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Tidal says it will be transitioning to a permanent CEO as a part of a "strategic plan to create a leading platform," the company said in an emailed statement. The music-streaming firm will be overseen by current executives in New York and Oslo until its new CEO is in place.

The company did not provide guidance on who will replace Tonstad but said it was "thankful to Peter for stepping in as interim CEO and wish him the best for the future."

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The premium streaming service, backed by artists such as Beyonce and Madonna, faced criticism for its $20-a-month subscription fee, which is about double the price of its rival Spotify. Tidal, owned by the Swedish streaming provider Aspiro AB, has about 770,000 paid subscribers, compared to Spotify's 20 million.

Both providers will meet increased competition when Apple's music on-demand platform goes live at the end of this month.