According to sources familiar with the plans, Spotify Technological SA is considering layoffs as soon as this week, following a wave of technology businesses, from Inc. to Meta Platforms Inc., in cutting jobs to save expenses.

People did not specify the number of positions to be removed. In October, Spotify fired off 38 employees at its Gimlet Media and Parcast podcast studios. According to its third-quarter financial report, the music-streaming behemoth employs around 9,800 people.

During the pandemic, IT businesses increased their headcounts but were compelled to cut them down due to decreased advertising income and a bleak economic outlook.

In the recent few weeks, Google parent Alphabet announced 12,000 job cuts, while Microsoft announced 10,000 cuts. Amazon’s layoffs will affect more than 18,000 positions. Other internet giants, such as Facebook’s parent company Meta and Elon Musk’s Twitter, lay off hundreds of workers late last year.

Spotify Plans To Lay Off Employees This Week To Save Costs

Surprisingly, a spokesperson for Spotify declined to comment on the upcoming cuts.

Early in 2019, the corporation made a significant investment in podcasting. It invested more than a billion dollars to acquire podcast networks, creation tools, a hosting service, and the rights to popular shows such as The Joe Rogan Experience and Armchair Expert.

However, the investments put investors’ patience to the test. Last year, shares fell 66% as investors wondered when they would see a return. In June, Spotify executives stated that the company’s podcast business will be profitable over the next one to two years.

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