STOCKHOLM – Spotify Technology is planning layoffs as soon as this week in an effort to curtail costs, according to people familiar with the plans.Spotify laid off 38 people from its Gimlet Media and Parcast podcast studios in October, as well as podcast editorial employees in September.Meta Platforms, Amazon.com, Google parent Alphabet Inc. and
Tech companies added to their headcount during the pandemic but were forced to make reductions in response to a shaky economic outlook.The company made a massive commitment to podcasting beginning in 2019. It spent over a billion dollars on acquiring podcast networks, creation software, a hosting service and the rights to popular shows like The Joe Rogan Experience and Armchair Expert.Shares tumbled 66 per cent last year as investors questioned when they’d begin seeing returns.
Spotify executives said in June its podcast business would become profitable in the next one to two years. BLOOMBERG
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