Tidal CEO Jeff Toig has stepped down from the top position at the streaming company. “As part of Tidal’s continued expansion this year we will be announcing a new CEO in the coming weeks,” the business said in a statement. A source told Billboard that Toig exited back in March, although that has not been confirmed by the company.
This marks the third CEO to cycle through the helm at Tidal. Peter Tonstad and Andy Chen also held the position around the time of Tidal’s acquisition by rap icon Jay-Z. Although thr platform has successfully built relationships with top artists in hip-hop and R&B, it is still catering to a niche audience compared with Spotify or Apple Music.