Bad news for Jay-Z… Is Tidal ALREADY in trouble?

Three months ago, the star studded launch of ‘Tidal’ was held in New York City. Tidal is the online music streaming service which Jay-Z bought into a few months ago.

Tidal differs to other music streaming websites as it promises to give high royalty fees to artists and provide high quality music.

But things are not going so well for the music service. The Tidal CEO Peter Tonstad has quit the job already, a mere three months after the launch of the music site.

Despite its high-profile re-launch, Tidal has been struggling to find a customer base to make it a success.

The website has had a very difficult time since the spring as it has just 800,000 paying subscribers compared to the 20 million currently subscribed to Spotify.  

Jay-Z bought the music system in March for a huge sum of €50million, but it doesn’t seem to be giving him the best return.

When the brand re-launched after Jay-Z got involved, the social media coverage it received was very negative.

Since joining the company, this is the second CEO Jay-Z has to say goodbye to, with Andy Chen leaving shortly after Jay-Z signed up.

Tidal is about to encounter even more competition now that Apple has revealed plans to launch a streaming service of its own, Apple Music. Maybe it's time for Jay-Z to cut his losses…