This is the second layoff at tidal in less than a year. The streamer cut 10% of its staff in December 2023. And in July, Dorsey told Block staff to prepare for a reorganization of the entire company, in order to take Block back “to how we started as a company,” as Fortune reported at the time.

Block acquired a majority stake in Tidal for roughly $300 million in 2021. The streaming music service was founded by Jay-Z but struggled to gain traction, amid competition from Spotify and Apple music. In 2023 a judge dismissed a shareholder lawsuit against Block over the acquisition according to Reuters, but noted that “it seemed, by all accounts, a terrible business decision.”