Streaming giant Tidal announces 40 employees layoff

December 7, 2023, 3:15 pm
Streaming giant Tidal announces 40 employees layoff

Stream­ing giant Tidal announced lay­offs affect­ing around 40 employ­ees across var­i­ous teams in a mea­sure to restruc­ture costs. 

After Block CEO Dorsey revealed plans to lim­it pay­roll to 12,000 world­wide by 2024, Tidal is cut­ting 10 per­cent of its work­force. “We’re grate­ful to team­mates impact­ed, though these deci­sions are nev­er easy,” a spokesper­son commented.

Just days ear­li­er, music com­peti­tor Spo­ti­fy con­duct­ed even larg­er lay­offs of 1,500 indi­vid­u­als, equalling 17 per­cent of employ­ees. Both com­pa­nies aim to boost prof­its through job cuts as the media indus­try faces eco­nom­ic challenges.

Tidal recent­ly raised sub­scrip­tion prices in line with oth­er lead­ers like Spo­ti­fy and Apple Music charg­ing $11 month­ly now for indi­vid­ual plans. On the video side, ser­vices like Net­flix, Dis­ney+, and Hulu all enact­ed price hikes recent­ly too.

With major com­pa­nies cut­ting hun­dreds or thou­sands of jobs post-hol­i­day, the music and enter­tain­ment sec­tor sees ongo­ing fall­out from wider indus­try con­sol­i­da­tion and cost con­tain­ment efforts. Tidal’s restruc­tur­ing fol­lows suit amid a dif­fi­cult time for affect­ed work­ers around the holidays.

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