Tidal is laying off 10 percent of its staff
Music streamer Tidal has announced that it will lay off 10 percent of its staff as part of a cost-cutting strategy detailed last month by Jack Dorsey, CEO of parent company Block Inc. The move affects approximately 40 people from multiple departments, including Tidal’s playlist curation team. “We do not take these decisions lightly, and we are sincerely grateful for the contributions of our impacted teammates,” a Tidal spokesperson said in an email seen by Bloomberg.
In early November, Dorsey said Block would cap its payroll at 12,000 employees, in search of “constraints we believe will lead to greater growth.” That meant Block would need to lay off around 1,000 employees by the end of 2024, as it had 13,000 staff at the end of Q3 2023.
The move comes at an unfortunate time of year for employees, and follows major layoffs by Spotify. In a pre-holiday shocker on Monday, Spotify announced that it would cut 1,500 workers, or 17 percent of its workforce.
Tidal recently raised its subscription prices following similar moves by Spotify, Apple Music and Deezer. Those companies now charge $11 per month (up from $10) for an individual subscription, while Amazon Music recently bumped its individual plan from $9 to $10 per month. On the video streaming side, YouTube Premium recently went up from $12 to $14 per month, while services including Peacock, Paramount+, Hulu and Max all raised their prices.