Spotify plans to cut 6% of its workforce, which will involve laying off about 600 of its 9,800 employees, the company itself has confirmed in a statement, which has indicated that Dawn Ostroff, head of content and advertising, will also leave the company.
The job cuts come after a 66% plunge in the Scandinavian company’s shares last year, following investor doubts about the platform’s shift to the podcast format.
Thus, the Swedish music streaming company will join other major technology companies that have announced layoffs such as Amazon, Meta, Microsoft or Alphabet, Google’s parent company.
Among the reasons for the crisis in the sector are the increase in inflation and the rise in interest rates, or the end of the technological boom in entertainment platforms experienced during the pandemic.
Source: (EUROPA PRESS)
