Newspaper article International New York Times

Staff Shrinks at Music Service ; Chief Investment Officer Is 3rd Big Departure for Jay Z's Streaming Outlet

Newspaper article International New York Times

Staff Shrinks at Music Service ; Chief Investment Officer Is 3rd Big Departure for Jay Z's Streaming Outlet

Article excerpt

The resignation of the chief investment officer, Vania Schlogel, is at least the third high-level departure at the music streaming service since Jay Z bought it early this year.

Since Jay Z bought Tidal early this year, the music streaming service has been plagued by frequent management changes and the perception inside and outside the music industry that it was unlikely to succeed in a market dominated by Spotify, Apple and Pandora.

It now seems that the company's management turnover has been even more extensive than previously known. Vania Schlogel, the former private equity executive who represented Tidal in public and to investors as its chief investment officer, left the company months ago.

"Earlier this summer, I resigned from Tidal," Ms. Schlogel said in a statement to The New York Times. "While I am excited about my next venture, which is outside the music industry, I wish Tidal nothing but the best and am proud of the dialogue it has catalyzed to date. I hold the highest degree of respect for each of the artists who have advocated for this dialogue and who display a genuine care for the industry."

Chris Prouty, a Tidal spokesman, confirmed that Ms. Schlogel had resigned. "As the company has grown," he said, "there has been less of a need from a financial investment standpoint."

Ms. Schlogel's resignation is at least the third high-level departure at Tidal since Jay Z bought the company for $56 million and reintroduced it to the public in a star-studded news conference in New York in March. At that event, Jay Z stood with more than a dozen performers, including Madonna, Kanye West, Nicki Minaj, Daft Punk, Rihanna and Jack White, who were identified as co-owners of the company.

They presented Tidal as an artist-friendly digital outlet that would feature high-fidelity audio and video, and pay artists fairly. But the event was widely mocked as tone-deaf and short on details, with commentators and other musicians criticizing Tidal as primarily benefiting an elite group of celebrities. …

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