Spotify will announce layoffs later this week: Bloomberg Report

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Spotify is reportedly planning to announce layoffs this week, with the number of job cuts still to be determined, Bloomberg News has reported. The move adds to the ongoing industry-wide reduction of staff, with Apple, Google, Microsoft and Amazon already having announced thousands of job losses over the past several months.

The streaming service is reportedly looking into cutting jobs, however the exact amount is not known. Sources close to the situation have informed Bloomberg of the potential job losses.

In October 2020, Spotify, which had roughly 9,800 workers, terminated 38 staff from their podcast studios Gimlet Media and Parcast.

Spotify, whose stock rate dropped by 66% in the prior year, did not reply to a request for comment.

Over the last year, tech companies have let go of thousands of positions due to declining advertising earnings and economic worries, causing them to re-examine their staffing levels which had expanded during the coronavirus pandemic.

Recently, Google’s parent company Alphabet, Microsoft, and Amazon have terminated around 40,000 jobs. This follows the dismissals of more than 18,000 employees by Meta and Twitter at the end of last year.

Similarly, Tech companies such as Sophos from the UK and Coinbase which works with cryptocurrency have both reported that up to 20% of their staff will be laid off.

In the first part of 2023, over 55,000 tech workers have lost their jobs, based on information gathered by the website.

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