New Delhi. Swedish music streaming giant Spotify is reportedly slashing new hiring by a minimum of 25 per cent as tech companies go through volatile market conditions globally. According to the report, Spotify is cutting recruitment due to rising fears of recession. According to a report, it is not clear which parts of the business on Spotify will be affected the most. According to filings with the US Securities and Exchange Commission (SEC), Spotify had more than 6,600 employees at the end of 2021. However, the market may force the company to slow down on its ambitions. A new staff memo says the company will still add headcount.
In an investor presentation, Chief Financial Officer Paul Vogel said he was “clearly aware of the growing uncertainty about the global economy.” Vogel reportedly said, “And while we don’t see any material impact on our business yet. We are closely monitoring the situation and evaluating growth in our workforce in the near future.” Spotify last month shut down its lightweight listening app ‘Spotify Station’.
The ‘Station’ app was originally designed for people who want a radio-like experience rather than searching for music or customizing their playlists. The co-founder and CEO of Spotify also announced a $50 million investment in its music streaming service, saying ‘the best days are ahead’.
The music streaming service’s premium subscribers jumped 15 per cent (on-year) to 182 million in the first quarter of 2022, up from 180 million in the previous quarter. Despite this, the Joe Rogan controversy involved misinformation about Covid on his podcast.