Don’t count Jay Z‘s Tidal streaming service out just yet.
The Roc Nation mogul has joined forces with Jeff Toig, Soundcloud‘s former Chief Business Officer, to revive the public’s interest in Tidal.
His position at the company? CEO, the third industry power player to fill the position since March of this year.
In terms of why I decided to take the role, 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.
The third thing is the momentum. The company just launched six, seven months ago and it’s already grown to over a million subscribers. When you see a business like this gaining that kind of momentum, you start to think there’s something quite interesting happening. I’ve seen this before, and I’m intrigued by the growth and the potential the business has.