Ever since a third of TIDAL was sold off to telco Sprint for $200m in January, the streaming company has enjoyed a period of relative stability.
Now, however, it’s having to operate without a chief executive: the company has confirmed that former SoundCloud exec Jeff Toig has left the business.
“As part of Tidal’s continued expansion this year we will be announcing a new CEO in the coming weeks,” TIDAL said in a statement.
“We wish former CEO, Jeffrey Toig, all the best in his future endeavors.”
Toig joined TIDAL in January 2016, after nearly two years as Chief Business Officer at SoundCloud.
Before that, he was head of the on-demand music streaming platform he founded, Muve Music, for four years.
“As part of Tidal’s continued expansion this year we will be announcing a new CEO in the coming weeks.”
Toig (pictured) is the third CEO to leave TIDAL is little over two years: Andy Chen left in April 2015, two months before interim CEO Peter Tonstad also exited the company.
Billboard first reported Toig’s exit on Friday, adding that he is believed to have parted ways with TIDAL in March.
When Sprint bought into TIDAL, the telco’s chief executive officer, Marcelo Claure, also joined the streaming platform’s Board of Directors.
Claure told shareholders in February: “We think that if we put our 45 million customers and we work together and we put our assets behind it, we can make TIDAL grow substantially.”
He added: “We’re going to push TIDAL very hard within our customers in the next few months. And I think it’s an inexpensive way to get into the exclusive content [game] and see if it’s able to drive the behavior that we think it might. It’s our first entry into content and we’re going to see where this takes us.”
TIDAL is believed to have finished 2016 with around 1m paying subscribers – some way behind market leader Spotify, which surpassed 50m paying subs in March this year.
Music Business Worldwide