Spotify reports its keenness to lay off its employees as soon as the week runs out. The audio streaming platform is focused on minimizing corporate expenditure per its employees’ headcount in line with the bearish economy standard. Spotify Technology joins other tech giants such as Meta, Microsoft, Amazon, and Gooogle’s Parent which recently retrenched 6% of its workforce for the same reason.
This update is a follow-up from the audio streaming platform retrenchment scheme that laid off thirty-eight employees on its subsidiary podcast streaming platforms such as Gimlet Media and Parcast studios. The previous Spotify layoff was recorded in October 2022 based on specific positions occupying its podcast studios — the latest retrenchment report by Spotify does not reveal the positions that will be laid off.
Spotify’s fiscal report for 2022 Q3 that revealed the audio streaming platform added more workload during the pandemic as well as the workforce to balance the scale. At the time, the audio streaming network had about ten thousand employees globally to innovate the music industry with Spatial Audio technology that hit the limelight during the pandemic era.
It is a no-brainer that an average technology company added multiple workloads during the pandemic due to the hiked demands of digital services.
In contrast, other tech companies that reportedly added workloads to their debut services have revealed a promising level of retrenchment. The likes of Microsoft, Meta, Alphabet, and Amazon reported sacking more than 10,000 employees which is more than Spotify’s entire workforce. Still, the audio streamer did not disclose the number of workers that will be laid off this week
The bearish global economy has rubbed off on Spotify’s revenue generation channels, especially its ads marketing business. Still, the audio streaming platform injects more billion dollars in investment into podcast production with in-house studios. Spotify acquired the Gimlet Media and Parcast studios to fully integrate the podcast innovation via its in-house developed software.
Spotify’s billion dollars podcast investment featured top-notch programs hosted on the audio streaming platform such as The Joe Rogan Experience and Armchair Expert. Spotify investors have questioned their ROI having experienced up to 66% in Shares. The audio streaming platform CEO, Daniel Ek, said massive ROI will be experienced before 2025 but declined to comment on its retrenchment notice.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
