Music Mogul Jay Z Secures Jeff Toig, Former SoundCloud Exec, As New CEO at Tidal

Music Mogul Jay Z has finally secured a chief executive officer for his streaming service company Tidal after two other execs were disregarded. Jeff Toig, a former chief business officer for SoundCloud, is set to take over in January, reports the Wall Street Journal.

The German based company formerly known as Aspiro, was purchased by Jigga this past March and shortly after, he booted Andy Chen, the former CEO in April, after rebranding and launching as Tidal. Interim chief, Peter Tonstad filled in until he resigned in June.

Apparently, the benefit of having Toig, for the 1 million subscribers and 19 popular and marketable artists that have a stake in Tidal, is that the new CEO has experience in the streaming music business. He co-founded Muve Music, a digital platform that partnered with Cricket Wireless' subscription plan, a 2.5 million customer base and was on the founding team at Virgin Mobile USA, as well.

The new chief spoke to Billboard about why he took the position. "In terms of why I decided to take it, for me there were really three main reasons. At a high level, this was a great opportunity to do something differentiated here. Jay Z and the artist-owners are deeply committed to Tidal and the vision they have for the business.

"Let me break each of those down. As I evaluated the business and the opportunity, 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."

"Second, 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. 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," he revealed.

Rumors about Jay Z looking for a partner has been shut down. The new boss confirmed that the Brooklyn native is a "visionary businessman and he is deeply committed to Tidal." He added, "This isn't a short-term play. This is a long-term investment."

The company will try its hand at original programming with their first comedy series, entitled No Small Talk,hosted by DJ Cipha Sounds. The first five episodes have been added to the library, with new episodes released every Tuesday. There is more in store for subscribers for just $19.99 a month!