Spotify would minimize some 200 positions, equalling 2% of its workforce, because it slims down its inner podcast operations, the Swedish music streaming big introduced Monday.
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.
“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 % of Spotify’s world workforce.
The streaming big, listed on the New York inventory alternate, introduced in April that it had handed 500 million month-to-month energetic customers with 210 million paying subscribers.
The firm additionally posted a first-quarter working lack of 156 million euros ($167 million), in comparison with an working lack of six million euros a yr earlier.
The widened loss was, in keeping with the corporate, attributed to the next headcount in comparison with a yr earlier and modifications in social expenses.
In January, following comparable strikes by different tech business giants, the streaming big introduced it was slicing round 600 jobs.
The platform has solely sometimes posted a quarterly revenue since its launch and has repeatedly posted annual losses, regardless of sturdy subscriber progress and having had a head begin on its rivals reminiscent of Apple Music and Amazon Music.
Spotify has additionally invested multiple billion euros into podcasting in recent times, however analysts say the corporate has but to show the funding is bearing fruit.
Source: www.dailysabah.com
