Music-streaming giant Spotify is looking to cut jobs as early as this week, people familiar with the matter told Bloomberg.
While the exact number of those laid off was undisclosed, Spotify has nearly 9,800 employees, as reported in its third-quarter earnings.
In October 2022, Spotify dismissed 38 employees from its Gimlet Media and Parcast podcast studios. This is after the company invested heavily in the podcasting industry starting from 2019.
Spotify has spent over a billion dollars on purchasing networks, creating software, offering hosting services, and gaining access to popular shows such as The Joe Rogan Experience and Armchair Expert.
Other tech companies like Amazon and Microsoft as well as Alphabet and Meta, the parent firms of Google and Facebook, respectively, also laid off thousands of employees late last year.
The potential layoffs come amid ByteDance’s plans to roll out its music-streaming service globally, putting the TikTok maker in competition with industry leaders such as Spotify and Apple Music.
Editing by Miguel Cordon and Eileen C. Ang
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