According to NME, Tidal has laid off 40 members of staff from multiple sectors; about 10% of its total staff. The music streaming platform is owned by Twitter founder Jack Dorsey’s company, Block, which has been laying off people over several branches, which includes Square and Cash App.
The company commented on the action, “As part of Block and its recent announcement to cap the number of employees at the company to focus on business growth, TIDAL has carefully considered how to right-size our team to ensure we are able to continue to build and invest in critical areas of the business. We do not take these decisions lightly, and we are sincerely grateful for the contributions of our impacted teammates.”
Earlier this week, Spotify also announced that they were eliminating 17% of its workforce to save costs. The streaming platform had previously laid off 6% of its employees earlier in the year. Spotify Chief executive Daniel Ek said that the recent decision was made as economic growth has “slowed dramatically.” Around 1,500 jobs were reportedly lost in the recent Spotify layoff.
It was confirmed in March 2021 that Twitter co-founder Jack Dorsey, who is also the CEO of Square, was buying the streaming platform from Jay Z for $297 million. The deal was completed later that year.
At the time, Dorsey explained that “It comes down to a simple idea: finding new ways for artists to support their work. New ideas are found at the intersections, and we believe there’s a compelling one between music and the economy. Making the economy work for artists is like what Square has done for sellers.”
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