Wednesday, March 2, 2016

Tidal Streaming Fires CFO, COO

Jay Z's music streaming service Tidal has fired its chief financial officer and chief operating officer, the company confirmed on Tuesday.

The Daily Mail reports The layoffs of CFO Chris Hart and COO Nils Juell came as the company was hit with a $5million lawsuit from Yesh Music Publishing and John Emanuele of duo The American Dollar.

The reasons behind the firings have been kept quiet, but Swedish news site Breakit said on Tuesday that Hart was fired over a dispute on how streaming numbers were being reported.

Norwegian newspaper Dagens Næringsliv reported that Juell had been removed from his position, but the former COO said he was on holiday and declined to comment further.

Tidal confirmed the terminations to Music Week in a statement.

'Tidal has terminated CFO Chris Hart and COO Nils Juell,' the statement said. 'As Tidal has grown into a global operation serving 46 countries we have moved our accounting and operations team to New York while our technology team and key support staff remain in Oslo.'

Hart worked as CFO of Tidal since 2014, and had been at the company since 2012. Juell had been COO since 2007, according to Business Insider.

Tidal is on its third CEO since Jay Z acquired the company last year. It has also lost its chief investment officer, the US marketing manager and the senior vice president of label and artist relations.

Tidal has seen a lot of publicity lately for high-profile exclusives, including Kanye West's The Life of Pablo.

The departure of the duo of execs may or may not be related to the fact that Kanye West’s The Life Of Pablo – a TIDAL exclusive – didn’t make a dent on the Billboard 200 chart in the US after TIDAL reportedly refused to hand over its streaming data to Nielsen Music.

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