TIDAL’s Turbulent Waters: Music Streaming Giant Set to Slash Workforce Once More

Tidal will reportedly lay off a quarter of its employees in less than a year. After previously reducing the number of employees by 10%.

From the report of Fortune He claims he saw a memo that TIDAL CEO Jack Dorsey sent to employees this morning regarding another mass layoff.

The note stated that TIDAL was also required to carry out the work. “The team size is much smaller” it’s like “We’re a startup again,” he said. “We will be parting ways with a number of our team…

We will lead the team with engineering and design. and remove all product management and marketing features. We will be reducing the size of our engineering team and core roles supporting TIDAL and will consider reducing the number of engineers in the coming weeks. Because we have more clarity about leadership moving forward.”

A TIDAL spokesperson confirmed to Fortune that the streaming company “It will be smaller. Only give importance to some things. and relentlessly push forward in product development.

According to the report, Dorsey’s memo does not specify how many employees will be laid off. But it is speculated that there could be around 100 people, bringing the number of employees to around 300 people.

The layoffs come in addition to those in December 2023, which were part of major cost-cutting measures implemented by parent company Block.

Block was founded by former Twitter CEO Jack Dorsey and also owns physical platform Square and Australian digital payments platform Afterpay. It acquired a majority stake in TIDAL in 2021.

The company was previously owned by British-American holding company Project Panther Bidco, which acquired Scandinavian tech company Aspiro (original owner of TIDAL) shortly after TIDAL’s launch in 2014. It collaborated with popular hip-hop singer Jay-Z .

So what will happen after this? At this moment there should be nothing. Even if layoffs are not a good thing, But companies like Spotify, Amazon and Microsoft probably know this after last year’s layoffs.

TIDAL as a high-definition streaming service has undergone major changes this year. In April it restructured and simplified subscription levels. Without limiting the contents of the Hi-Res and Lossless sections to “HiFi Plus” subscribers only. But it has been changed to use the same service charge for all services. And the price has been reduced compared to the original according to the news released earlier.

Source: whathifi