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Spotify becomes the latest tech company to announce job cuts

Spotify the next tech company to implement staff cuts

Music streamer Spotify is the latest tech giant to cut jobs as it searches for ways to reduce expenses.

This follows layoffs in October when 28 employees from its Gimlet Media and Parcast podcast studios were cut.

Spotify has not revealed the amount of jobs that will be cut.

Spotify’s third-quarter earnings report shows that it employed nearly 9,800 people.

The news comes at a time when tech companies are downsizing their workforce to cope with economic headwinds.

Recently, US giants Amazon, Meta, and Microsoft have confirmed job losses to trim costs.

Google parent Alphabet is the latest to implement job cuts that will hit 12,000 workers, which is over six percent of headcounts.

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Tech companies are wrestling to tighten their belts after a pandemic boom because of declining advertising revenue and unstable economic prospects.

Spotify made a major investment in podcasting in 2019.

It has spent billions on acquiring podcast networks, creation software, a hosting service, and the rights to popular shows like The Joe Rogan Experience and Armchair Expert.

A company spokesperson declined to comment on the coming layoffs.

Source: Bloomberg

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