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For the second time in lower than a 12 months, staff at music streaming service Tidal will expertise mass layoffs.
Jack Dorsey, the CEO of cost processing firm Block, which acquired a majority stake in Tidal for $237 million in 2021, wrote in a leaked memo to employees that the corporate was “going to half methods with quite a lot of people” to work “like a startup once more.”
The notice revealed that the engineering and design groups will see layoffs and product administration and product advertising roles will likely be eliminated solely.
“We’ll lead with engineering and design and take away the product administration and product advertising capabilities solely,” Dorsey wrote within the notice obtained by Fortune on Wednesday. “We’re lowering the scale of our design group and foundational roles supporting TIDAL, and we are going to take into account lowering engineering over the following few weeks as we’ve got extra readability round management going ahead.”
Jack Dorsey. Picture by MARCO BELLO/AFP through Getty Photos
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Insiders advised Fortune that about 100 staff, or a few quarter of Tidal employees, may very well be let go. Within the notice, Dorsey didn’t say how many individuals the layoffs would impression.
Tidal launched in 2015 after artist Jay-Z purchased the tech firm behind it for $56 million. Since Dorsey’s takeover in 2021, Tidal has gone by means of a number of layoff rounds. In December 2023, Tidal reduce 10% of employees, or about 40 folks.
Tidal has 0.5% of the music streaming U.S. market, with simply over 700,000 subscribers. Spotify, Apple Music, and Amazon Music have over 90% of the market mixed. Spotify leads the pack with 36% of the market alone.
Dorsey famously based Twitter in 2006. He’s at present value $4.5 billion, per Forbes.
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