MUMBAI: Jay Z's Tidal has suffered yet another setback as interim CEO, Peter Tonstad, put down his papers after three months in the his job. Tonstad joined the music streaming service after former CEO Andy Chen quit the company in April this year.

In an official statement, the company said, "We are thankful to Peter for stepping in as interim CEO and wish him the best for the future. Tidal will be transitioning to a permanent CEO as part of out strategic plan to create a leading platform." The statement further added that the current executives in New York and Oslo will lead the company until a new CEO is appointed.

Tonstad was previously the CEO of Aspiro, Tidal's parent company which was purchased by Jay Z for $56 million at the beginning of 2015. Kanye West, Jack White, Madonna and Beyonce are amongst those who have invested in the music streaming company.

Tidal, which competes with Deezer, Apple Music and Spotify offers the highest royalties to the artists. Currently, Jay Z's music streaming service offers 75 per cent royalties, whilst Spotify and Apple pay 70 and 71 per cent, respectively.

Recently Tidal Discovery, a platform from Tidal, announced DistroKid and TuneCore as their latest distribution partners. The aim of this partnership was to get unsigned bands and artists out to a broader audience worldwide.