Music streaming giant Spotify is planning to lay off an undisclosed number of employees as part of its cost-cutting measures. The news comes amid a trend of technology companies announcing job cuts due to reduced advertising revenue and a shaky economic outlook.
In October, Spotify laid off 38 employees from its Gimlet Media. The company has around 9,800 employees, according to its Q3 earnings report.
Spotify has made a significant commitment to podcasting since 2019, spending over $1 billion on acquiring podcast networks, creation software, hosting services and the rights to popular shows such as The Joe Rogan Experience and Armchair Expert. However, the investments have tested investors’ patience, as shares of the company tumbled 66% last year. Spotify executives have previously stated that the company’s podcast business would become profitable in the next one to two years.
