TIDAL is hiring a new CEO again, this time bringing on board an executive with more experience and connections within the music industry.
Richard Sanders, former Sony Music executive and Kobalt Music Group president will head up the music streaming service, taking over from former Soundcloud chief business officer Jeff Toig. TIDAL has already gone through several leadership changes and Sanders will be the fourth CEO since the company launched in 2015.
After reporting huge losses in 2015, the company gained resources through a partnership with Sprint. Hoping to compete with other streaming services such as Spotify and Apple Music, TIDAL still has much to work on as it is battling negative coverage. Kanye West announced his split from Tidal in July over unpaid bonuses from an exclusivity deal.
Offering lossless music streaming only through paid subscriptions, TIDAL has struggled to attract and retain customers. The Sprint partnership brought in $200 million in investments so there is still faith that TIDAL can turn things around.
Sanders has been in the industry for over 30 years, including experience as Sony International’s president of global marketing. This change in leadership might be the push in a new direction that will help TIDAL compete with other streaming services.