Mass layoffs have been a huge and disturbing trend throughout several sectors of the IT industry over the first month of 2023, and Spotify is the latest corporation to join that trend. The music streaming service announced a substantial layoff of staff, reducing its whole employment by 6%. The job layoffs are expected to affect approximately 600 people.
Spotify’s layoffs were officially revealed in a blog post by CEO Daniel Ek, which was also emailed out to all workers in advance via business email. Ek states in his statement that the corporation invested too much, too quickly, based on great performance and revenue during the years when the COVID-19 pandemic was at its peak.In addition to the layoffs, Spotify’s head of content Dawn Ostroff announced her departure from the firm.
According to the article, laid-off employees would be provided with a variety of benefits, including continuous health care coverage, immigration assistance for individuals working on conditional terms in various fields, and five months of severance money.
Spotify’s layoffs are not the most severe, but they do put many more people out of work in the digital industry as corporations try to slash expenses. Stay tuned for more stories and updates as we continue to follow.
