Tidal has lost another CEO. Billboard has confirmed that Jeff Toig, who came to the company following a two-year stint at SoundCloud, is no longer with the company. This is the third CEO Tidal has let go in the last two years, following the departures of Andy Chen and interim boss Peter Tonstad.
In a statement to The Verge, Tidal says it will announce a new CEO soon. "As part of TIDAL’s continued expansion this year we will be announcing a new CEO in the coming weeks. We wish former CEO, Jeffrey Toig, all the best in his future endeavors.”
Billboard reports that Toig departed in March, two months after Tidal got a $200 million investment from Sprint. Tidal, which at last count had around 1 million subscribers, still lags miles behind the subscriber totals of Apple Music and Spotify, which have 20 million and 50 million paying users, respectively.
The company may be financially solvent now, but without the ability to attract new subscribers en masse, Tidal’s long-term future doesn’t look great, unless it gets acquired.