Spotify Cuts 2% of Workforce

The mass exodus of employees may have slowed down, but it is not over yet as Spotify recently announced its intention to fire 200 of its employees as the company is looking to reshape how it handles managing podcasts.

Spotify has roughly 8,400 employees worldwide making the relatively small layoff of 200 employees equate to about 2% of the company’s total workforce. Vice president of the company, Sahar Elhabashi, first announced the layoffs but also stated that the affected individuals will be provided with a substantial severance package.

Spotify has invested heavily in the expansion of its podcast unit but with the recent layoffs, the company has stated that it would like to prioritize community-created content.

Source: Bloomberg