Variety reports that former Kobalt Music Group president Richard Sanders has been named as the new CEO of Tidal. Sanders becomes the fourth person in just over two years to hold the position in the Jay Z-owned streaming service.
Former Tidal CEO, Jeff Toig, left the company earlier this year. Toig offered some stability after the streaming service kept dealing with one shakeup after another.
Even though Toig's departure came shortly after Sprint purchased a 33 percent stake in Tidal, which was worth a reported $200 million, the company was never able to close the paid subscribers gap on its competitors Spotify and Apple Music. Sanders comes to Tidal after serving as president of global marketing for Sony Music and executive for RCA and Arista Records, in addition to his most recent job at Kobalt which he left in May.
If Tidal wants to have a long, sustainable future, it all starts at the top with its leadership. The company cannot continue to go through a carousel of sorts where one person comes on for a short amount of time before making way for the next hire. Luckily, the methodical rollout of content related to Jay Z's latest album 4:44 has kept people coming back for more. However, all that will eventually come to an end, and Sanders will need to find a way to right Toig's wrongs. If he fails, Tidal may be in line for yet another change sooner than expected.