Music streaming giant Spotify has announced it would be cutting 6% of its staff, with around 600 employees in total departing the company.
Spotify’s move is the latest in series of mass layoffs at large tech firms, with Microsoft, Amazon, Facebook parent Meta, and Google parent Alphabet all having recently announced job cuts in response to the current economic downturn. Tech companies had earlier been on a hiring spree as pandemic-fueled spending drove increased need for consumer goods and services.
But Spotify isn’t the only entertainment streaming service to make staff cuts – Netflix trimmed 2% of its workforce back in May of last year as part of a larger cost-saving effort where it canceled a number of projects in development, many of them in the company’s animation department.
Spotify had previously made its own content cuts in a bid to scale back costs. Back in October 2022, the company axed 11 original podcasts, most from the Gimlet and Parcast studios the company had acquired as part of its aggressive push into the podcasting sector. Spotify had spent billions of dollars building up its podcast presence, dropping 200 million alone on its contract with Joe Rogan, the platform’s number one audience draw.
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