June 17, 2024

Music streamer Tidal has introduced that it’ll lay off 10 p.c of its workers as a part of a cost-cutting technique detailed final month by Jack Dorsey, CEO of guardian firm Block Inc. The transfer impacts roughly 40 individuals from a number of departments, together with Tidal’s playlist curation crew. “We don’t take these choices flippantly, and we’re sincerely grateful for the contributions of our impacted teammates,” a Tidal spokesperson stated in an e-mail seen by Bloomberg.

In early November, Dorsey stated Block would cap its payroll at 12,000 workers, in quest of “constraints we consider will result in larger progress.” That meant Block would wish to put off round 1,000 workers by the tip of 2024, because it had 13,000 workers on the finish of Q3 2023.

The transfer comes at an unlucky time of 12 months for workers, and follows main layoffs by Spotify. In a pre-holiday shocker on Monday, Spotify introduced that it will minimize 1,500 staff, or 17 p.c of its workforce.

Tidal just lately raised its subscription costs following related strikes by Spotify, Apple Music and Deezer. These corporations now cost $11 monthly (up from $10) for a person subscription, whereas Amazon Music just lately bumped its particular person plan from $9 to $10 monthly. On the video streaming aspect, YouTube Premium just lately went up from $12 to $14 monthly, whereas companies together with Peacock, Paramount+, Hulu and Max all raised their costs.

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