Spotify Technology SA said on Monday it would cut its workforce by 6% amid a broader leadership shuffle, according to a filing with the U.S. Securities and Exchange Commission.
The company said it estimates 35-45 million euros ($38-$49 million USD) of charges related to letting these employees go, and that its chief content & advertising business officer Dawn Ostroff will also leave the company. Ostroff will act as a senior adviser helping to facilitate the reorganization, which will include Alex Norström, currently freemium business officer, and Gustav Söderström, currently chief research & development officer, becoming co-presidents of Spotify.
Spotify is the latest big tech company to announce a wave of layoffs, following a similar announcement by Google parent company Alphabet, which said last week that it would let go of some 12,000 workers.
Companies, including Spotify and Alphabet, staffed up during the pandemic and are now looking to cut costs amid slowing global economic growth.
Spotify employed 9,800 employees, according to recent filings. The company will announce its most recent quarterly earnings on January 31.
Several music companies let go of staff or cut investment budgets in the second half of 2022 in preparation for a possible economic downturn. Spotify said it would cut hiring by 25%, SoundCloud laid off 20% of its staff and BMI said it was cutting just under 10% of its total workforce, through a combination of letting 30 people go and leaving certain jobs unfilled.
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