Only a couple of days ago, Spotify announced they would be laying off 9,000 workers, and now competitor and streamer Tidal has announced it will lay off more than 10% of its staff.
The move by the music streaming business was laid out by tech billionaire Jack Dorsey’s Block Inc. and is set to be part of a larger plan to become more lean as a business.
Already, around 40 employees have been let go, with some being part of the curation team that builds playlists, according to people familiar with the situation.
“We do not take these decisions lightly, and we are sincerely grateful for the contributions of our impacted teammates,” a Tidal spokesperson responded regarding the restructuring.
Both Spotify and Tidal have said the layoffs are being carried out because the streaming companies must lower costs.
Dorsey had told investors in a letter that Block will have a 12,000-person cap on its payroll, where previously, the company employed over 13,000 people.
By year end, Tidal will have finalised its reduction of its workforce goal if all remains on schedule.
