Streaming service TIDAL has reportedly announced further layoffs, less than a year after its last round of layoffs.
According to an internal memo obtained wealthTIDAL owner clogged Significant layoffs are being planned so that DSP can operate “like a startup again.”
“As a result, we will be parting ways with some people on the team,” Block CEO Jack Dorsey (Former CEO twitter) wrote in the memo.
“We will lead engineering and design and eliminate the product management and product marketing functions entirely. We are reducing the size of the design team and supporting TIDAL’s foundational roles, and as we gain a clearer picture of future leadership, we will consider future leadership roles. Engineering work will be reduced over the next few weeks.
A TIDAL spokesperson confirmed the layoffs to the outlet, saying that the streaming service is “making some internal changes to our TIDAL team to focus on serving artists in the most meaningful way. This involves eliminating employees from our business and design teams.” some roles. We will become smaller, focus on fewer things, and approach product development in a relentless manner.
The spokesman did not specify the exact number, but wealth According to reports, there are as many speculations within the company as 100 The number of layoffs will account for a quarter of TIDAL’s total employees.
tidal elimination 10% His total salary – or approx. 40 Employees – In December 2023, Dorsey sent a letter to investors announcing that Block would cap its total salary at 12,000.
“As we continue to look at the business from an investment framework perspective, we will continue to look for opportunities to break through the constraints that we believe will lead to greater growth. One of the measures we implemented a year before the IPO: an increase in the number of employees in the company Implement absolute caps.
“We will become smaller, focus on fewer things, and pursue product development in a relentless manner.”
tidal
TIDAL continues to compete for market share in an ecosystem dominated by larger players, such as Spotify, apple music and YouTube Music. DSP has 2.1 million Subscriber counts in 2020, according to documents filed in the lawsuit. In comparison, Spotify 130 million paid subscribers at that time (and 246 million As of Q2 2024).
The streaming service was launched in 2014 by the Swedish-Norwegian company i yearn for. The following year, Jay-Z and several other famous artists $56.2 million through holding company Panther Bidco Project.
2021, Bullock – then still under its former name Square – acquired TIDAL $297 million. Some Block shareholders filed suit, claiming The company’s board of directors violated its fiduciary duty by purchasing the “failed” music service.
In 2023, a Delaware judge dismissed the lawsuit, finding that the suing shareholders failed to follow the procedures required by law before filing suit. However, the judge described Bullock’s acquisition as “a poor business decision”.
Despite the odds, TIDAL continues to work hard to establish itself as the premier destination for music fans who appreciate high-quality sound. Earlier this year, TIDAL consolidated its HiFi and HiFi Plus products into a single layer priced at $10.99 Monthly in the United States.
In August, DSP launched a new tool that enables independent artists to track their live streams on the service and ensure they are paid correctly.global music business
