Jay Z’s former streaming platform Tidal announced that it is laying off 10% of their staff members representing about 40 staff who have been let go.
“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.” “
New ideas are found at intersections, and we believe there’s a compelling one between music and the economy,” Dorsey said in a statement.
“I knew Tidal was something special as soon as I experienced it, and it will continue to be the best home for music, musicians and culture.”
Tech companies are going through tough times at the moment, Tidal is not the only company that is making these drastic moves, earlier this week we saw Spotify cut the headcount by 17%.
