Spotify will cut 6% of its staff in the latest Tech Layoffs!

Spotify

As part of broader cost-cutting initiatives, Spotify Technology S.A. will reduce its headcount by around 6%, Chief Executive Daniel Eksaid in a memo to colleagues on Monday. The decision, which confirmed allegations from the previous weekend that there would be job losses, was made public in a filing on Monday morning. According to a Spotify spokesperson who talked to Bloomberg, most company divisions would be affected.

The people didn’t say how many positions will be destroyed. In October, 38 employees from Spotify‘s Gimlet Media and Parcast podcast studios were let go. Approximately 9,800 people work for the industry leader in music streaming, according to its third-quarter results report.

During the epidemic, tech businesses increased their employee counts, but due to decreased advertising revenue and a bleak economic outlook, they were compelled to make reductions. Among the largest businesses to recently announce staff reductions were Amazon.com, Meta, and Microsoft Corp. Google parent Alphabet Inc. announced Friday that it will eliminate approximately 12,000 employees or more than 6% of its global workforce.Also read:-https://india-24.com/kisi-ka-bhai-kisi-ki-jaan-teaser-to-release-on-jan-25/

Beginning in 2019, the corporation made a significant investment in podcasting. It invested more than $1 billion to purchase podcast networks, production tools, a hosting platform, and the rights to well-known programs like The Joe Rogan Experience and Armchair Expert.

However, the investments have put investors’ patience to the test. As investors questioned when they’d start seeing returns, shares fell 66% last year. Executives at Spotify predicted in June that their podcast division would break even within the next year.

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