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STOCKHOLM: Swedish music streaming big Spotify mentioned Monday it should cut some 200 positions, equalling two p.c of its workforce, because it slims down its inside podcast operations.
The Sweden-based firm mentioned it had not too long ago “embarked on the next phase of our podcast strategy,” and was transferring to a “tailored approach optimized for each show and creator.”
“Doing so requires adapting; over the past few months, our senior leadership team has worked closely with HR to determine the optimal organization for this next chapter,” Spotify mentioned in a press release.
“As a result, we have made the difficult but necessary decision to make a strategic realignment of our group and reduce our global podcast vertical and other functions by approximately 200 people,” it added, noting it represented about two p.c of Spotify’s world workforce.
The streaming big, which is listed on the New York inventory change, introduced in April it had handed 500 million month-to-month energetic customers with 210 million paying subscribers.
The firm additionally posted a primary quarter working lack of 156 million euros ($167 million), in contrast to an working lack of six million euros a 12 months earlier.
The widened loss was, in accordance to the corporate, attributed to the next headcount in contrast to a 12 months earlier and adjustments in social fees.
In January, following related strikes by different tech business giants, the streaming big introduced it was reducing round 600 jobs.
The platform has solely often posted a quarterly revenue since its launch and has recurrently posted annual losses, regardless of sturdy subscriber progress and having had a head begin on its rivals comparable to Apple Music and Amazon Music.
Spotify has additionally invested multiple billion euros into podcasting lately, however analysts say the corporate has but to show the funding is bearing fruit.
The Sweden-based firm mentioned it had not too long ago “embarked on the next phase of our podcast strategy,” and was transferring to a “tailored approach optimized for each show and creator.”
“Doing so requires adapting; over the past few months, our senior leadership team has worked closely with HR to determine the optimal organization for this next chapter,” Spotify mentioned in a press release.
“As a result, we have made the difficult but necessary decision to make a strategic realignment of our group and reduce our global podcast vertical and other functions by approximately 200 people,” it added, noting it represented about two p.c of Spotify’s world workforce.
The streaming big, which is listed on the New York inventory change, introduced in April it had handed 500 million month-to-month energetic customers with 210 million paying subscribers.
The firm additionally posted a primary quarter working lack of 156 million euros ($167 million), in contrast to an working lack of six million euros a 12 months earlier.
The widened loss was, in accordance to the corporate, attributed to the next headcount in contrast to a 12 months earlier and adjustments in social fees.
In January, following related strikes by different tech business giants, the streaming big introduced it was reducing round 600 jobs.
The platform has solely often posted a quarterly revenue since its launch and has recurrently posted annual losses, regardless of sturdy subscriber progress and having had a head begin on its rivals comparable to Apple Music and Amazon Music.
Spotify has additionally invested multiple billion euros into podcasting lately, however analysts say the corporate has but to show the funding is bearing fruit.
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