Spotify to join Google, Amazon, and Microsoft in layoffs to reduce costs

Another big technology company, Spotify Technology, plans to cut jobs to cut costs. Bloomberg reports that the company could announce layoffs as early as this week.

The company laid off 38 people from its Gimlet Media and Parcast podcast studios in October, and laid off a podcast editing employee in September.

The music-streaming giant now has about 9,800 employees, according to Spotify’s third-quarter earnings report. Additionally, Spotify has invested heavily in podcasting since 2019, with acquisitions and rights to popular shows that he has spent more than $1 billion on, but the investment has yet to pay off. The stock has fallen 66% last year. A Spotify executive said in June that the podcast business would be profitable in the next year or two, he said.

Also read: Spotify CEO resumes attack on Apple after Musk salvo

A wave of layoffs in the tech industry

Spotify isn’t the first tech company to lay off an employee, and it may not be the last. Even some of the most profitable industry giants are cutting headcount to cut spending. Late last week, Google announced it would lay off his 6% of its workforce. This accounts for his 12,000 employees across the region. Amazon also announced that it will cut 18,000 employees from its workforce.

Meta, the parent company of social media platform Facebook, also laid off 11,000 employees last November. This makes him 13% of all employees the company has in various locations. Twitter was one of the first companies to start laying off employees. Musk recently revealed on Twitter that he has 2,300 employees left. This is 70% less than he was employed prior to Musk’s acquisition. Twitter had 7,500 employees before the layoff.

Also Read: Spotify Announces “Wellness Week” for Employees.close all offices

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