Spotify Axes 200 Jobs

Spotify has announced that it will be laying off approximately 200 employees, which accounts for about 2% of its workforce. The move is part of the company's plan to revamp its approach to partnering with leading podcasters globally. In 2020, Spotify had a global workforce of 8,359 employees, with a significant portion (4,332) based in the United States. Sahar Elhabashi, the vice president of Spotify, told employees that those affected by the layoffs would receive generous severance packages. The company believes that this strategic shift will enable them to support the creator community better. Over the past few years, Spotify has invested heavily in expanding its podcast unit, making several acquisitions in the podcast space and securing notable sponsorship deals with figures like Meghan, the Duchess of Sussex, and Joe Rogan. Spotify did not immediately provide a comment on the layoffs.