Spotify To Announce Lay Offs As Soon As This Week To Cut Costs

The Swedish audio streaming behemoth Spotify Technology is getting ready to announce layoffs as soon as this week, adding to the industry-wide carnage that has already cost thousands of jobs at Apple, Google, Microsoft, and Amazon.

However, it is unclear how many positions in the well-known streaming business may be eliminated.

38 employees from Gimlet Media and Parcast, two of Spotify’s podcast production studios, were let go in October. Spotify currently employs around 9,800 people.

A request for comment from Spotify, whose share price fell 66% last year, was not immediately answered.

As falling advertising income and recessionary fears force tech companies to reevaluate headcounts that grew dramatically during the COVID-19 pandemic, thousands of jobs have been lost in the last year.

Alphabet, the parent company of Google, Microsoft, and Amazon have together let off 40,000 workers in recent weeks, following the combined layoffs of Meta and Twitter of more than 18,000 workers in late 2017.

Up to 20% of the employees at smaller IT companies including UK-based cybersecurity company Sophos and cryptocurrency exchange Coinbase will be laid off.

According to information gathered by the layoffs.fyi website, more than 55,000 tech workers have been let go globally thus far in 2023.