Spotify Planning Layoffs: The process of layoffs in tech companies is not taking the name of stopping. Now Swedish music company Spotify has decided to lay off employees.
Last October, Spotify laid off around 38 employees from its Gimlet Media and Parcast podcast studios, and now emerging reports indicate that the company is once again looking to cut costs, beginning this week.
The company has not yet given the details of how many employees it will lay off. But this week it may start laying off.
In October 2022, Spotify discontinued about 11 products of its Podcast. Out of this, 5 per cent of the company's employees were affected.
In this, 5 per cent of the company's employees were affected, who were either retrenched or their roles were changed. The company has around 4.33 crore, active users.
Spotify bet big on podcasting in the year 2019 and it has spent more than a billion dollars on podcast networks, software creation, hosting services and rights to popular shows.
But despite this, the company's shares fell by 66 per cent last year. After this, the confidence of the investors started to waver.
Spotify claimed that the company's podcast business would start earning profits in the next one to two years.
The beginning of the year 2023 has not been good for the employees of tech companies. Before Spotify, giant companies like Amazon, Microsoft, and Alphabet also made a big announcement of layoffs for cost-cutting.
Recently, Amazon has announced 18,000 layoffs, Microsoft 10,000 and Alphabet 12,000.