Highlights

  • Spotify to cut jobs this week
  • Follows other big tech firms
  • Podcast business not yet profitable

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Spotify to reportedly cut jobs this week

Job losses in the tech industry continue with Spotify now planning to cut jobs.

Music streaming service Spotify is reportedly planning on reducing their staff in the near future.

This follows other tech companies, such as Google, Meta and Microsoft, who have also recently announced staff reductions due to decreased advertising revenue and an uncertain economic situation.

The firm had previously cut 38 jobs in October, and currently has around 9,800 employees.

Spotify has invested heavily in podcasting since 2019, but investors have been growing impatient after shares dropped 66 percent last year.

Spotify executives have said that the podcast business should become profitable within the next one to two years.

Also watch: Instagram introduces Quiet Mode to let users limit their activity

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