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Spotify to cut 6% of its workforce, content heads for departure

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Spotify will cut 6% of its workforce, or some 600 employees

Music streaming company Spotify said on Monday it plans to cut 6% of its workforce, or about 600 jobs, adding to a glut of layoffs in the tech sector as companies brace for a possible recession.

The company also said its head of content and advertising, Dawn Ostroff, will be leaving as part of a larger reorganization.

Spotify, which had around 9,800 full-time employees as of September 30, said it expects to incur around 35 million euros ($38.06 million) to 45 million euros in severance-related charges. departure.

Spotify’s move comes at a time when tech companies are facing falling demand after two years of pandemic-driven growth during which they had been aggressively hiring. This has led companies like Meta Platforms Inc to Microsoft Corp to cut thousands of jobs.

Sweden-based Spotify saw advertisers cut spending, mirroring a trend seen at Meta and Google’s parent company Alphabet Inc, as rapid interest rate hikes and the fallout from the Russia-Ukraine war exert a drag. pressure on the economy.

The company had said in October that it would slow hiring for the rest of the year and through 2023.

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