The music streaming company, Spotify Technology, is planning to lay off some of its staff this week to cut costs.
Spotify joins Alphabet Inc., the parent company of Google, Amazon Inc., Microsoft, and Twitter, in laying off thousands of employees.
In the last week, Alphabet Inc. terminated 12,000 jobs, while tech giant, Microsoft would be eliminating 10,000 jobs and Amazon’s layoffs would see 18,000 roles cut short.
Spotify has an estimated 6,617 employees, but the number of jobs that would be terminated by the company is not specified.
Tech companies since last year started laying off some of their workers as the effects of the pandemic continue to bite tech firms harder. Analysts say that layoffs would continue in the tech industry so they can survive the economic downturn.
Spotify is a Swedish audio streaming company founded on 23 April 2006 by Daniel Ek and Martin Lorentzon. Daniel Ek has remained the CEO since 2006. Spotify is one of the largest music streaming service providers in the world with more than 456 million monthly active users, and more than 195 million paying subscribers, as of September 2022.