Once again TIDAL hits the news front for all the wrong reasons as the music streaming company reels from losing yet another CEO in Jeff Toig. Toig took the executive reins in 2016 after a two-year stint as chief business officer at SoundCloud. While his departure remains unclear, the harsh reality facing TIDAL now is having to find and hire its fourth chief executive officer in just two years. Plagued by all sorts of other issues, Jay Z’s firm continues to bleed yearly profits, while having to deal with claims of stream over-reporting. Although taking steps to cover lost ground, including selling one third of the company to Sprint for $200 million USD, TIDAL still sits leagues behind both Spotify and Apple Music in terms of market position. Spotify now has 50 million paid subscribers to Apple Music’s 20 million, which easily towers TIDAL’s 1 million.
- Image Credit
- JUSTIN LANE/EPA
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