Spotify set to lay off 200 staff in podcast division
On Monday, Spotify Technology SA announced that it will be terminating the employment of 200 individuals in its podcast division. These 200 employees constitute approximately 2 percent of the total global workforce employed by the audio streaming company.
Spotify has been actively seeking to broaden its revenue sources beyond music streaming and has pursued an aggressive expansion strategy. To that end, the company has invested over $1 billion in podcasts and has successfully attracted prominent personalities like Joe Rogan to its platform.
Spotify stated that it is enhancing its partnership initiatives with acclaimed podcasters from around the world, utilizing a customized approach tailored to each show and content creator.
In January, Spotify had previously disclosed its intention to reduce its workforce by 6 percent.