Spotify will reduce hiring by 25 percent
Spotify is reducing its new hiring by 25 percent as recession fears mount, according to an internal memo obtained by Bloomberg. It is unclear which parts of the business will be most affected.
Spotify is far from the only tech company to reevaluate its staffing as the stock market tumbles. Twitter and Meta each announced some degree of hiring freeze last month, and Netflix made headlines in April for its layoffs, particularly at in-house fan site Tudum.
During Spotify’s investor presentation last week, CEO Daniel Ek emphasized the company’s growth not only in subscriptions but in verticals beyond music like podcasting and, soon, audiobooks. But chief financial officer Paul Vogel did hint at the event that staffing could be affected by…