Music Streaming Agency Spotify To Lower 6% Of Its Workforce

Music streaming agency Spotify Expertise SA plans to chop 6% of its workforce, the corporate mentioned on Monday, a transfer that may add to a glut of layoffs within the expertise sector as firms put together for a potential recession.

Tech firms are dealing with a requirement downturn after two years of pandemic-driven development throughout which they’d employed aggressively. That has led the likes of Meta Platforms Inc to Microsoft Corp to shed hundreds of jobs.

Sweden-based Spotify has seen advertisers pull again on spending, mirroring a development seen at Meta and Google father or mother Alphabet Inc, as fast rate of interest hikes and the fallout from the Russia-Ukraine battle strain the financial system.

Spotify mentioned it’s going to incur about 35 million euros ($38.06 million) to 45 million euros in severance-related prices.

The corporate mentioned its chief content material and promoting enterprise officer Daybreak Ostroff may even depart.

Spotify had about 9,800 full-time staff, as of September 30.

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