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.