Jay Z's planned takeover of the streaming business has gotten off to a rocky start. Since Jay's purchase of the company in March, Tidal has quickly cycled through two CEOs while trying to lure customers from both Spotify and Apple Music. Now the company is onto its third CEO under Hov with the recent announcement of Jeff Toig filling the vacancy. “I’m excited to have Jeff join TIDAL as our CEO," Jay Z said in a statement. "He has been a leader at the intersection of consumer technology and entertainment for more than two decades. His experience as an innovator speaks for itself, but I’ve also gotten to know him personally over the past few months and am looking forward to the great things he’ll be doing for TIDAL.”
Toig also spoke with Billboard about his new role, saying, "Tidal has a really unique set of assets. It has exclusive content, deep connection with the artists -- A-list artists -- live events like Tidal X, and a unique set of assets. It's early in the game, but the seeds have been planted and it creates a really fascinating foundation." Toig also quashed rumors that Jay Z's involvement in the company might be short-lived, saying, "I spent a lot of time with Jay during the interview process and he's an incredibly talented and visionary businessman and he is deeply committed to Tidal. This isn't a short-term play. This is a long-term investment."