Popular music and podcast streaming provider Spotify plans to announce job cuts this week, according to a new report from Bloomberg, a move that is a way for the company to cut costs. The company hasn’t specified how many jobs it will cut. 2019 saw 38 people from its Gimlet Media and Parcast podcast studios fired in October, including the podcast editorial staff in September.
Spotify currently has around 9,800 employees, according to its third-quarter earnings report.
Spotify will join the ranks of many tech companies that have recently laid off employees. Back in November last year, Meta announced that it was laying off more than 11,000 employees. In the same month, Twitter halved its workforce after the popular micro-blogging company was bought by business tycoon Elon Musk.
HP, a traditional IT powerhouse, will cut up to 10% of its workforce over the next three years, and Tesla has announced it will lay off staff this quarter after experiencing a large drop in its stock.
More recently, Microsoft confirmed it would cut 11,000 jobs, while Amazon will cut around 18,000 employees as part of wider cost-cutting measures. Last week, Google also announced a major redundancy plan, saying goodbye to around 12,000 employees.
Spotify has yet to comment on this issue.