Jay Z’s Tidal has appointed its third CEO since the music mogul launched the subscription streaming service in March.
Jeff Toig, a former executive with SoundCloud, will sign on as CEO in January, Tidal confirmed. He replaces Peter Tonstad, who left the company in June.
Tidal bowed with musical star power recruited by married superstars Jay Z and Beyonce. The company has been billed as being more artist-friendly than other digital music services by offering a more generous royalty rate. But the perception is that the subscription service has struggled to gain traction in an increasingly crowded digital sector.
According to Tidal, the company at present has a catalog of more than 40 million music tracks and 90,000 videos. It’s available in 46 countries. Toig is a digital music veteran who had been with Berlin-based SoundCloud since September 2013.