Spotify is reportedly planning staff layoffs this week in a move to cut costs, according to Bloomberg News, becoming the next Big Tech firm to slash jobs after Alphabet, Amazon, Microsoft, Meta and Twitter.
The number of jobs being eliminated was not mentioned in the report, which cited a number of sources.
After scaling up during the pandemic, tech firms have moved to shed roles over the past six months as the boom fizzled out.
Google’s parent Alphabet said it would eliminate 12,000 jobs, while Big Tech rival Microsoft announced it would slash 10,000.
Amazon’s layoff round marks the largest in its history, with 18,000 jobs set to be cut.
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Mark Zuckerberg’s Meta announced the job losses after after a monumental collapse of revenue which has meant the company is overstaffed and “inefficient,” according to Zuckerberg in a note to staff.
According to a report from the Guardian, Zuckerberg wrote in the note that the company had over-invested at the start of the pandemic, banking that the increase in online activity would continue and accelerate even after the pandemic ended.
As many as half of Twitter‘s 7,500-plus-strong global workforce were at risk of losing their jobs as part of cost-saving measures, according to suggestions in November.
An internal email which was reportedly sent out to staff explained that the job cuts are “an effort to place Twitter on a healthy path” and action is “unfortunately necessary to ensure the company’s success moving forward”.
