It is rumored that Spotify will lay off employees as soon as this week, and the scale of the layoffs has not been detailed.

(Reuters)

[Financial Channel/Comprehensive Report] According to sources, the well-known online music streaming platform "Spotify" is about to join the layoffs of Amazon (Amazon) and Meta this week in order to cut operating costs. The music streaming giant currently employs about 9,800 people.

According to comprehensive media reports, as the epidemic slows down and the peak of streaming demand quickly subsides, major technology factories have cut the number of employees last year, hoping to reduce costs to survive the economic downturn. In the past few weeks, Alphabet, the parent company of Google, announced the layoff of 10,000 employees 2,000 people, Microsoft (Microsoft) laid off 10,000 people, and Amazon laid off more than 18,000 people, which is the largest wave of layoffs among all large technology companies in the past year.

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“Spotify” started to develop podcasts in 2019, during which it spent more than $1 billion to acquire related companies and patents. However, these investments have not yet seen investors profiting, leading to a 66% plunge in the stock price last year.

"Spotify" executives said in June last year that the podcast business could be profitable in the next 1 or 2 years.

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