Spotify to Conduct Mass Layoffs; Employee Growth Since the Pandemic

Technology & Telecommunications

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Cindy Mutia Annur 24/01/2023 16:00 WIB

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Spotify's employee count has grown rapidly since the pandemic. However, they will be laying off 6% of their total workforce early this year.

Number of Spotify Global Employees (Q1 2020 - Q3 2022)

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Number of Spotify Global Employees (Q1 2020 - Q3 2022)

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News of layoffs (PHK) has continued to emerge from startups and large technology companies since the pandemic until early 2023.

Most recently, Spotify announced it will lay off 6% of its total workforce to mitigate the risk of a recession this year.

According to the company's report, Spotify's employees have increased since the pandemic, reaching 9,808 people in the third quarter of 2022. Thus, the number of employees to be laid off early this year is estimated to be around 588 people (6%).

The Swedish music streaming company also admitted that the number of advertisers on its application continues to decrease.

"For several months, we have been trying various ways to cut costs. However, those efforts have not been enough," said Daniel Ek, Spotify's CEO, as quoted by Reuters on Monday (23/1/2023).

"I was too ambitious in investing more than the company's revenue growth," Daniel continued.

Meanwhile, according to CNBC International, Spotify will prepare severance pay of around EUR 35 million-EUR 45 million or approximately Rp 567.84 billion-Rp 730.08 billion to be distributed to all its employees affected by the layoffs (exchange rate Rp16,224 per euro).

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."