Tidal Has a New CEO

Tidal's CEO spot that was vacant since the summer has been filled by former SoundCloud and Muve Music executive Jeff Toig. Toig is the third CEO to fill the position in less than a year. Toig has an extensive history in digital music and prior to his work at SoundCloud, he was the founder and SVP at Muve Music and a part of Virgin Mobile USA's founding team. According to Billboard, Jay Z says Toig has been "a leader at the intersection of consumer technology and entertainment for more than two decades."

Billboard sat down with Toig for an exclusive interview where it sounds like the rumors that Jay Z is looking to sell the company are not true. "Through the interview process I was fortunate to spend quite a lot of time with Jay Z, learning more about his vision for Tidal and why he made such a significant investment in this business," said the new CEO. "It became clear to me that Jay and the artists behind the company are deeply committed to developing an amazing music experience for fans. I share a belief that this has been lost with many services, and it will be critical as we build Tidal into a leader in this space....This isn't a short-term play. This is a long-term investment."

In July, word was circulating that Hov was losing millions of dollars because the funding he was expecting to come in never materialized. Rumors spread that he was trying to get out of the streaming business but he has publicly maintained support. If we're to believe the recent comments from Toig, it appears Jay Z isn't ready to give up on Tidal just yet.