Music Streaming Firm Spotify To Cut 6% Of Its Workforce

Music Streaming Firm Spotify To Cut 6% Of Its Workforce.

Music streaming company Spotify Technology has announced plans to cut 6% of its workforce, a move that will add to a growing trend of layoffs in the technology sector as companies prepare for a potential economic downturn.

The Swedish-based company has seen a decrease in advertising spending, similar to other tech giants such as Meta Platforms and Alphabet, due to rising interest rates and the economic impacts of the Russia-Ukraine war.

Spotify stated that it will incur severance-related charges of approximately 35-45 million euros.

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Additionally, the company’s Chief Content and Advertising Business Officer, Dawn Ostroff, will also be departing. As of September 30, Spotify had approximately 9,800 full-time employees.