The music streaming service Tidal, started by Jay-Z and now owned by Twitter founder Jack Dorsey, is the latest audio platform to announce mass layoffs. The reduction affected around 40 employees, including members of the playlist curation team.
This move comes as part of a broader initiative by parent company Block Inc., led by Dorsey, to implement austerity measures amidst a challenging economic climate. Block aims to cap its overall employee count to 12,000 by the end of 2024, downscaling from its third-quarter staff numbers of more than 13,000.
A Tidal spokesperson said, “We do not take these decisions lightly, and we are sincerely grateful for the contributions of our impacted teammates.”
Tidal is not alone in cutting jobs to end the year. In a company memo sent earlier this month, Spotify CEO Daniel Ek informed employees of a significant organizational reshuffle, marking the third staff reduction this year. The streaming giant is cutting its workforce by 17%, totaling approximately 1,500 positions.
