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Spotify to trim 6% of workforce, content head to depart

Spotify, which had about 9,800 full-time employees as of September 30, said it expects to incur about 35 million euros ($38.06 million) to 45 million euros in severance-related charges.

January 23, 2023 / 06:09 PM IST
(Photographer: Gabby Jones/Bloomberg)

(Photographer: Gabby Jones/Bloomberg)

Music streaming firm Spotify Technology SA announced on January 23 that it has plans to cut 6% of its workforce, or roughly 600 jobs, adding to a glut of layoffs in the technology sector as companies prepare for a possible recession.

The company also said its chief content and advertising business officer, Dawn Ostroff, will depart as part of a broader reorganization.

Spotify, which had about 9,800 full-time employees as of September 30, said it expects to incur about 35 million euros ($38.06 million) to 45 million euros in severance-related charges.

Shares in the company rose 3.5% in premarket trading.