Tidal CEO Jeff Toig is out. It's the 3rd departure of the top executive at Jay Z's streaming music service in 2 years. Despite superstar backers and a recent $200 million investment from Sprint, Tidal has failed to gain major traction even as Spotify, Apple Music and others have fueled a music industry resurgence.
"As part of Tidal’s continued expansion this year we will be announcing a new CEO in the coming weeks," the company said in a statement to Billboard. "We wish [Jeff Toig] all the best in his future endeavors."
Toig joined Tidal as CEO in January 2016 after a stint as chief business executive at SoundCloud.