- 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.
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Most electric vehicle stocks rose in the week ending March 31, with the broader market strength primarily responsible for the upside. On the other hand, company-specific catalysts weighed down on some stocks, leading them to buck the uptrend.
