Anjali Sharma
GG News Bureau
NEW YORK, 8th Dec. Jack Dorsey Tidal Music streaming platform on Thursday said that it has laid off over 10 per cent of its workforce, or about 40 employees, in a statement issued by the company.
Tech billionaire Jack Dorsey-led digital payments company Bloc owned the majority of the company.
Tidal’s layoffs are part of Block’s declared goal of limiting its entire employment count to 12,000.
Block as Square, had 12,428 full-time employees worldwide as of December 31, 2022, reports Variety.
The news was first reported by Bloomberg.
Sade Ayodele, head of global communications for Tidal, was quoted as saying that “We can confirm, 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,” she added.
The latest cut includes “a portion of the curation team that builds playlists”.
Tidal was formed in 2015.
In 2021, Dorsey’s Block acquired a majority stake in Tidal. Block owns 87.5 per cent of the equity in Tidal.
The music streaming giant Spotify announced to eliminate 17 per cent of its workforce across the company as it looks to become “both productive and efficient”.
Spotify founder and CEO Daniel Ek cited slowing economic growth and increased capital costs as reasons for the layoffs, claimed that the company used lower-cost capital in 2020 and 2021 to invest heavily in the business.
According to TechCrunch Spotify employs about 8,800 people and this job cut move will impact over 1,500 employees.
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