Spotify said to be the next big tech firm to slash jobs after Amazon, Microsoft and Google

Must read

14 Tips for Building Credibility With Customers (Even on a Tight Budget)

What’s one step new entrepreneurs on a budget can take to build credibility with customers? How will this help their new business get...

Would-be head of Minnesota marijuana agency resigns

The recently appointed director of Minnesota’s new marijuana regulatory agency Erin Dupree has resigned amid reports that she sold illegal cannabis products in the...

Apple tries to ‘thwart emerging startups through anticompetitive measures,’ alleges Rivos in countersuit

Chip startup Rivos is countersuing Apple Inc., claiming the tech giant forces employees to sign restrictive agreements that prevent them from working elsewhere and...

Next UAW step is ‘nuclear option’ of more widespread strike

Even after escalating its strike against Detroit automakers on Friday, the United Auto Workers union still has plenty of leverage in its effort to...

Spotify Technology SA is planning layoffs as soon as this week, according to people familiar with the plans, joining a slew of technology companies from Amazon.com Inc. to Meta Platforms Inc. in announcing job cuts to lower costs. 

The number of positions to be eliminated wasn’t specified by the people. Spotify laid off 38 staff from its Gimlet Media and Parcast podcast studios in October. The music streaming giant has about 9,800 employees, according to its third-quarter earnings report. 

Tech companies added to their headcounts during the pandemic but were forced to make reductions in response to reduced advertising revenue and a shaky economic outlook. Amazon.com, Meta and Microsoft Corp. were among the biggest companies to announce staff reductions recently, while Google parent Alphabet Inc. said Friday it will cut about 12,000 jobs, more than 6% of its global workforce.

A Spotify spokesperson declined to comment on the upcoming cuts. 

The company made a massive commitment to podcasting beginning in 2019. It spent over a billion dollars on acquiring podcast networks, creation software, a hosting service and the rights to popular shows like The Joe Rogan Experience and Armchair Expert.

Still, the investments have tested investors’ patience. Shares tumbled 66% last year as investors questioned when they’d begin seeing returns. Spotify executives said in June its podcast business would become profitable in the next one to two years.

Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. Sign up here.

More articles

Latest article

14 Tips for Building Credibility With Customers (Even on a Tight Budget)

What’s one step new entrepreneurs on a budget can take to build credibility with customers? How will this help their new business get...

Would-be head of Minnesota marijuana agency resigns

The recently appointed director of Minnesota’s new marijuana regulatory agency Erin Dupree has resigned amid reports that she sold illegal cannabis products in the...

Apple tries to ‘thwart emerging startups through anticompetitive measures,’ alleges Rivos in countersuit

Chip startup Rivos is countersuing Apple Inc., claiming the tech giant forces employees to sign restrictive agreements that prevent them from working elsewhere and...

Next UAW step is ‘nuclear option’ of more widespread strike

Even after escalating its strike against Detroit automakers on Friday, the United Auto Workers union still has plenty of leverage in its effort to...

Bill requiring human drivers for self-driving trucks vetoed

California Gov. Gavin Newsom has vetoed a bill that would have required human drivers to be onboard self-driving trucks.AP Photo/Tony Avelar, FileCalifornia Gov. Gavin...