Jay-Z's Tidal has confirmed that CEO Jeff Toig will no longer be working with the company. In a statement to Billboard, Tidal reps stated ""As part of Tidal’s continued expansion this year we will be announcing a new CEO in the coming weeks. We wish [Toig] all the best in his future endeavors."
Toig worked as CEO of Tidal since January 2016, and Jay himself co-signed Toig as a "leader at the intersection of consumer technology and entertainment for more than two decades." It's still unclear as to what led to his departure, but a source reporetdly claimed he has been out since March.
Despite the star-powered team behind it, Tidal has been struggling to keep up with streaming giants Spotify and Apple Music. As of today, Tidal has an estimated one million users, compared to Spotify's fifty million and Apple Music's 20 million.
