The Swedish audio streaming giant is reportedly planning to cut staff following recent layoffs at Apple, Google, Microsoft and Amazon.
Spotify Technology, the Swedish audio streaming giant, is preparing to announce employee layoffs as soon as this week, Bloomberg News reports, adding to an industry-wide bloodbath that has already occurred. thousands of jobs lost at Apple, Google, Microsoft and Amazon.
The number of job cuts being reviewed at the popular streaming service is unclear, Bloomberg reported on Monday, citing unnamed people familiar with the matter.
In October, Spotify, with about 9,800 employees, laid off 38 employees from podcast studios Gimlet Media and Parcast.
Spotify, which saw its share price drop 66% last year, did not immediately respond to a request for comment.
Tech companies cut thousands of jobs last year as slowing advertising revenue and recession fears forced a reassessment of staffing spikes during the COVID-19 pandemic.
In recent weeks, Alphabet, the parent company of Google, Microsoft and Amazon has laid off a total of 40,000 employees, after Meta and Twitter cut more than 18,000 employees in total at the end of last year.
Smaller tech players like UK-based cybersecurity firm Sophos and crypto players like Coinbase have also announced job cuts affecting 20% of their workforce.
More than 55,000 tech workers worldwide have been laid off so far in 2023, according to data collected by the website Layoffs.fyi.
