NEW YORK, Dec. 4 (UPI) — Jay Z’s Tidal streaming service has hired its third CEO in less than nine months.
SoundCloud Chief Business Officer Jeff Toig will takeover Tidal as its chief executive starting in January.
Toig succeeds former CEOs Andy Chen and Peter Tonstad.
Since launching in March of this year, Tidal experienced a bumpy start despite being praised by a slew of A-list musicians and celebrities like wife Beyonce, Rihanna and Kanye West.
About a month ago, Jay Z announced on Twitter Tidal finally reached one million paid subscribers, but Forbes observes competing services like Spotify and Apple Music are growing at more significant rates.
Tidal charges $10 a month or $20 a month depending on service preference.
Soon after buying Tidal, Jay Z communicated a series of defensive points on Twitter after facing criticism from the public. “Tidal is doing just fine,” he wrote. “The iTunes Store wasn’t built in a day. It took Spotify nine years to be successful…Please give us a chance to grow & get better.”
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