Jack Dorsey’s Tidal music to cut 10% of jobs in just the latest round of layoffs in the streaming music industry
Tidal, the music streaming service once owned by recording artist Jay-Z, laid off more than 10% of staff as part of a wider round of austerity moves announced last month by its parent company, tech billionaire Jack Dorsey’s Block Inc.
Approximately 40 staffers across various Tidal departments were let go on Tuesday, including a portion of the curation team that builds playlists, according to people familiar with the cuts who asked not to be identified.
“We do not take these decisions lightly, and we are sincerely grateful for the contributions of our impacted teammates,” a Tidal spokesperson said Wednesday in an emailed statement.
The firings follow similar cuts at streaming leader Spotify Technology SA, which said this week it’s reducing staff by 17%. Both companies have emphasized the need to lower costs.
In a letter to investors in November, Dorsey said Block is placing a 12,000-person cap on its payroll. The company employed over 13,000 people at the end of the third quarter and plans to reach its reduced workforce goal by the end of 2024.
