“The music-streaming service Tidal is saying goodbye to yet another CEO,” Lynn La reports for CNET.

“Jefffrey Toig, who became CEO in December 2015, is leaving the company,” La reports. “This would make him the third CEO to leave Tidal in two years, following the departure of Andy Chen and Peter Tonstad, according to Billboard.”

“In a statement to CNET, Tidal said that it will announce a new CEO in the coming weeks,” La reports. “‘We wish former CEO, Jeffrey Toig, all the best in his future endeavors.'”

Read more in the full article here.

“The nature of Toig’s departure remains unclear, but a source with knowledge of the situation indicated that he actually exited in March,” Marc Schneider reports for Billboard.

“Jay Z bought the Swedish ­technology company Aspiro and its WiMP ­streaming service, renamed Tidal, in early 2015 for $56 ­million,” Schneider reports. “Since then, the company has struggled to attract-and-retain paid subscribers during a period in which streaming now accounts for more than half of music industry revenues. At last unofficial count, the service had an estimated one million paid users.”

Read more in the full article here.

MacDailyNews Take: Jay Z’s drowning Tidal music service.

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