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@StickyRice：Spotify plans dismissal of staff as soon as this week to cut costs In an effort to curtail costs, Spotify Technology $Spotify Technology S.A.(SPOT)$ is planning layoffs, according to a report from Bloomberg. The number of job cuts wasn't specified, but the music streaming giant had about 9,800 employees as of the third-quarter of 2021. Last year, in September and October, the company laid off podcast editorial employees, as well as 38 people from its Gimlet Media and Parcast podcast studios, respectively. At the start of 2019, the music streaming giant made a massive investment in podcasting and spent billion dollars on acquiring podcast networks, creation software, a hosting service and the rights to popular shows like The Joe Rogan Experience and Armchair Expert. While investors have questioned the returns of its podcast business, the company has confirmed that the division would become profitable in the next one to two years. Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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