Gepubliceerd
Mon, Nov 11, 2024, 20:00
- Block, owner of the streaming service, said it's "scaling back" resources to focus on bitcoin ventures instead.
A few weeks after reports of mass layoffs, TIDAL's pool of funding is now set to decline.
In a public letter to shareholders published late last week, the streaming platform's owner (technology firm Block) announced it will be "scaling back" investment in TIDAL. Block, which also owns payments brands Square and Cash App as well as banking app Spiral, said it plans to divert resources to its cryptocurrency ventures, which include a bitcoin wallet and a bitcoin mining initiative.
TIDAL hasn't yet responded to Resident Advisor's request for comment.
On October 30th, Fortune reported that TIDAL would be firing several employees. In an internal letter to staff at the time, Block CEO Jack Dorsey said TIDAL must operate "like a start-up again," meaning departments must function with "much smaller teams." In December 2023, Tidal fired ten percent of its workforce.
We'll report more on this story as it unfolds.