Spotify Will Cut About 6% of Jobs in Latest Tech Layoffs

(Bloomberg) —

Spotify Technology SA is planning to cut about 6% of its employees, joining a slew of technology companies from Amazon.com Inc. to Meta Platforms Inc. in announcing job cuts to lower costs.

The move was announced in a filing Monday morning, confirming reports from over the weekend that there would be job cuts. The music streaming giant has about 9,800 employees, according to its third-quarter earnings report. Spotify laid off 38 staff from its Gimlet Media and Parcast podcast studios in October.

Tech companies added to their headcounts during the pandemic but were forced to make reductions in response to diminished advertising revenue and a shaky economic outlook. Amazon, Meta and Microsoft Corp. were among the biggest companies to announce staff reductions recently, while Google parent Alphabet Inc. said Friday it will cut about 12,000 jobs, more than 6% of its global workforce.

Spotify said in the filing that Dawn Ostroff, chief content and advertising business officer, will leave the company as part of a broader reorganization. Alex Norström, currently chief freemium business officer, and Gustav Söderström, currently chief research & development officer, will each take on additional responsibilities as co-presidents of the company.

The shares rose 3.9% in early trading at 7:15 a.m. in New York. The stock had lost 58% of its value since the end of 2021.

Spotify made a massive commitment to podcasting beginning in 2019. It spent over a billion dollars on acquiring podcast networks, creation software, a hosting service and the rights to popular shows like The Joe Rogan Experience and Armchair Expert.

Still, the investments have tested investors’ patience. Shares tumbled last year as investors questioned when they’d begin seeing returns. Spotify executives said in June its podcast business would become profitable in the next one to two years.

(Updates with company confirmation starting in first paragraph.)

 

By Ashley Carman and Kamaron Leach
–With assistance from Richard Clough.

© 2023 Bloomberg L.P.

Follow us on social media for the latest updates in B2B!

Image

Latest

influencer partnerships
Moving Beyond Social Media Buzz: How Authentic Content & Long-Term Influencer Partnerships Can Drive Hotel ROI
July 30, 2025

Influencer marketing is rapidly changing, and many hotels are still figuring out how to tap into its full potential. As travelers demand more authentic and relatable content, the pressure is on for hotels to adapt their marketing strategies. But with skepticism around the true ROI of influencer partnerships, it’s more important than ever for brands…

Read More
workforce
Building a Future-Ready Workforce: With Traditional Training Models Failing, It’s Time for Employers and Educators to Build Solutions Together
July 30, 2025

In an era where the average job tenure in the U.S. hovers under four years and industries are evolving faster than academic curricula can keep up, the need for a new approach to workforce development has never been more urgent. Companies like Amazon and McDonald’s are responding by investing in “education as a benefit”…

Read More
belief
Learning Out Loud with Belief, Courage, and the Power of Yes
July 30, 2025

In a world where workplace disengagement is on the rise, with global employee engagement falling to just 21% in 2024, leaders and teams are increasingly seeking meaning, connection, and growth in their work. Amid this shift, professionals are asking deeper questions about purpose and fulfillment, both individually and collectively. That’s exactly where Paul Plamondon’s…

Read More
professional advancement
The Measured Mindset: How Mentorship, Curiosity, and Listening Drive Professional Advancement and Growth
July 29, 2025

Not every path into analytics starts with code and spreadsheets. For some, it begins with curiosity, adaptability, mentorship, and a willingness to learn something entirely new. That’s the case for Mayank Malviya, whose journey from a humanities education in India to a career in U.S.-based market research reveals how initiative and mentorship can accelerate…

Read More