- Spotify Technology SA (NYSE:SPOT) disclosed the decision to cut its headcount by 200 employees in the global podcast vertical and other functions, representing 2% of the company’s workforce.
- The company is undertaking the initiative as a part of the strategic alignment of the business.
- Related: Spotify To Downsize Employee Count To Fight Macro Headwinds
- Spotify will focus on expanding its alliance with leading podcasters globally, with a tailored approach optimized for each show and creator.
- As part of this next phase, the company plans to combine Parcast and Gimlet into a renewed Spotify Studios operation, which will continue to produce a wide range of high-impact originals, including Stolen, Science Vs, Heavyweight, Serial Killers, and Conspiracy Theories.
- The company stated Julie McNamara, the VP & Head of Global Podcast Studios, will continue to oversee the Spotify Studios organization, and Liliana Kim in charge of Current Content for Spotify Studios.
- Last month, the company withdrew tens of thousands of songs from artificial intelligence music start-up Boomy amid objections of fraud across streaming services.
- Related: Spotify Is Still Struggling to Monetize The Music Streaming Business Despite Playing The Right Notes
- Price Action: Spotify shares are trading higher by 3.24% at $156.65 on the last check Monday.
Affirm, Paypal, Block Shares Drop Following New BNPL Regulations
Shares of companies offering "Buy now, Pay later" (BNPL) point-of-sale loans are trading lower Thursday after the Consumer Financial Protection Bureau (CFPB) issued rules aimed at providing protections for consumers.
