For the second time in decrease than a yr, workers at music streaming service Tidal will experience mass layoffs.
Jack Dorsey, the CEO of price processing agency Block, which acquired a majority stake in Tidal for $237 million in 2021, wrote in a leaked memo to staff that the company was “going to half strategies with varied individuals” to work “like a startup as soon as extra.”
The discover revealed that the engineering and design teams will see layoffs and product administration and product promoting and advertising roles will possible be eradicated completely.
“We’ll lead with engineering and design and take away the product administration and product promoting and advertising capabilities completely,” Dorsey wrote inside the discover obtained by Fortune on Wednesday. “We’re lowering the dimensions of our design group and foundational roles supporting TIDAL, and we’ll take into consideration lowering engineering over the following couple of weeks as we have now now additional readability spherical administration going forward.”
Jack Dorsey. {Photograph} by MARCO BELLO/AFP by the use of Getty Footage
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Insiders knowledgeable Fortune that about 100 workers, or a couple of quarter of Tidal staff, is likely to be let go. Throughout the discover, Dorsey didn’t say what number of people the layoffs would impression.
Tidal launched in 2015 after artist Jay-Z bought the tech agency behind it for $56 million. Since Dorsey’s takeover in 2021, Tidal has gone by the use of numerous layoff rounds. In December 2023, Tidal decrease 10% of staff, or about 40 people.
Tidal has 0.5% of the music streaming U.S. market, with merely over 700,000 subscribers. Spotify, Apple Music, and Amazon Music have over 90% of the market combined. Spotify leads the pack with 36% of the market alone.
Dorsey famously based mostly Twitter in 2006. He’s at current worth $4.5 billion, per Forbes.
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