Spotify latest tech company to cut jobs, axes 6% of workforce

Music streaming service Spotify is cutting 6% of its global workforce, becoming yet another tech company resorting to layoffs as the post-pandemic economic outlook weakens, according to a report from the Associated Press.

Stockholm-based Spotify had benefited from pandemic lockdowns because more people had sought out entertainment when they were stuck at home, but CEO Daniel Ek indicated that the company’s business model, which had long focused on growth, had to change with the times. In addition to the layoffs, the company is reportedly undergoing a management “reshuffle.”

Big tech companies like Amazon, Microsoft, and Google announced tens of thousands of job cuts this month as the economic boom that the industry rode during the COVID-19 pandemic waned.