According to those familiar with the situation, the world’s largest music streaming service Spotify may begin laying off employees this week.
The precise number of layoffs was not announced, but according to Spotify’s third-quarter statistics, the company employs over 9,800 workers.
38 staff from Spotify’s podcast studios at Gimlet Media and Parcast were let go in October 2022. This comes after the corporation made significant investments in the podcasting sector beginning in 2019.
With almost $1 billion invested, Spotify has acquired networks, developed software, provided hosting services, and gained access to well-known programmes including The Joe Rogan Experience and Armchair Expert.
The parent companies of Google and Facebook, Alphabet and Meta, as well as other tech giants like Amazon and Microsoft and Alphabet and Microsoft all made thousands of job reductions in the latter part of last year.
The possible layoffs coincide with ByteDance’s intentions to launch its music streaming service internationally, placing the creator of TikTok in competition with market giants like Spotify and Apple Music.
