According to its third-quarter report, the enormous music-streaming corporation employs over 9,800 workers.
Those familiar with the plans claim that Spotify Technology SA is considering personnel reductions as early as this week in an effort to save costs.
It wasn’t made clear how many people were laid off. 38 workers from Spotify’s Gimlet Media and Parcast podcast studios were laid off in October along with members of the podcast editorial crew. According to its report on third-quarter performance, the market leader in music streaming employs over 9,800 employees.
Microsoft Corp., Amazon.com Inc., Alphabet Inc., the parent company of Google, and Meta Platforms Inc. have all lately announced workforce cutbacks. During the epidemic, IT businesses increased their employee count; nevertheless, in reaction to a bleak economic outlook, they were obliged to make reductions. The anticipated cutbacks were not discussed by a spokeswoman for Spotify.
Beginning in 2019, the corporation committed heavily to podcasting. The rights to well-known shows like The Joe Rogan Experience and Armchair Expert, as well as podcast networks, production tools, hosting services, and other items costing over a billion dollars, were purchased by the company.
Investor patience has nonetheless been put to the test by the investments. As investors pondered when they would start to see rewards, shares fell 66% last year. The podcast division of Spotify is expected to turn a profit in the next one to two years, according to company officials in June.