Tidal to lay off 10 per cent of staff
Tidal has laid off 40 members of staff across multiple departments, amounting to 10 per cent of its total staff.The music streaming service is owned by Twitter founder Jack Dorsey’s company Block, which has been making layoffs across its many branches, which also include Square and Cash App.As reported by Bloomberg, the layoffs include Jeff Benjamin, a former member of Tidal’s editorial team, along with other members of the editorial staff.In a statement from the company, they said: “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 cutting down 17 per cent of its workforce in order to save costs. The streaming platform had previously laid off 6 per cent of its staff earlier in the year.Spotify chief executing Daniel Ek said that the recent decision was made as economic growth had “slowed dramatically”.