With New CEO at Helm, Jay-Z’s Music Streaming Service Looks to Turn the Tide

Tidal has hired its fourth chief executive in barely two years as the company hopes to compete with the likes of Spotify and Apple Music.

The new CEO of Jay-Z’s music streaming company is Richard Sanders, according to sources cited in Variety. He is the former president of Kobalt Music Group, a role which he left in May after five years.

Tidal’s previous CEO, Jeff Toig, left in March after one year at the helm.

The company has around two million paying subscribers, according to industry estimates—far below the approximately 29 million Apple’s service boasts and the 60 million of market leader Spotify. Even so, Tidal is valued at $600 million, based on a reported $200 million investment by Sprint earlier this year for one-third of the company.

Tidal has not been short of controversies since Jay-Z relaunched the service in 2015. Recently, former friend and fellow music mogul Kanye West allegedly sued the company over financial misdeeds.