Struggling Tidal Loses CEO Jeff Toig; Replacement Coming ‘Soon’

Jeff Toig has stepped down from his role as chief executive officer of Tidal, the embattled music streaming service owned by rap superstar Jay-Z.

Toig, who was Tidal’s third CEO in two years, departed in March. A new CEO will be announced soon, according to the company.

“As part of Tidal’s continued expansion this year we will be announcing a new CEO in the coming weeks,” Tidal told Billboard.

Business mogul Jay-Z acquired the service, founded in Sweden, in 2015 for $56 million. Tidal was re-launched to much fanfare, but has since struggled to grow its user base in a cutthroat market.

Tidal has barely one million paying users—a drop in the bucket compared with leader Spotify (50 million) and Apple Music (around 20 million). Despite this, the company’s value has risen considerably: earlier this year, Jay-Z sold one-third of Tidal to Sprint for $200 million.