A big-hearted Scot who was moved after hearing stories of those who were struggling has delivered over 100 Christmas dinners to those most in need.
07.12.2023 - 00:45 / variety.com
Todd Spangler NY Digital Editor Tidal, the high-fidelity music streaming service majority owned by Jack Dorsey-led digital payments company Block, has laid off more than 10% its staff, representing about 40 staffers who have been let go. The cuts at Tidal are part of Block’s stated goal of capping its total employee base at 12,000. As of Dec.
31, 2022, Block, which was previously named Square, had 12,428 full-time employees worldwide. “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,” Sade Ayodele, head of global communications for Tidal, said in a statement. “We do not take these decisions lightly, and we are sincerely grateful for the contributions of our impacted teammates.” The Tidal layoffs were first reported by Bloomberg.
Citing anonymous sources, the publication reported that the cuts include “a portion of the curation team that builds playlists.” Tidal was formed in 2015, after Jay-Z led a consortium of artists in a $56 million deal to acquire Norwegian streaming company Aspiro. Other Tidal artist-owners included Beyoncé, Alicia Keys, Coldplay’s Chris Martin, Kanye West, Madonna, Nicki Minaj and Rihanna. In 2021, Dorsey’s Block (then called Square) acquired a majority stake in Tidal.
A big-hearted Scot who was moved after hearing stories of those who were struggling has delivered over 100 Christmas dinners to those most in need.
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Tidal has laid off 40 members of staff across multiple departments, amounting to 10 per cent of its total staff.The music streaming service is owned by Twitter founder Jack Dorsey’s company Block, which has been making layoffs across its many branches, which also include Square and Cash App.As reported by Bloomberg, the layoffs include Jeff Benjamin, a former member of Tidal’s editorial team, along with other members of the editorial staff.In a statement from the company, they said: “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.”Earlier this week, Spotify also announced that they were cutting down 17 per cent of its workforce in order to save costs. The streaming platform had previously laid off 6 per cent of its staff earlier in the year.Spotify chief executing Daniel Ek said that the recent decision was made as economic growth had “slowed dramatically”.