Massive Tech Unemployment Continues, Spotify To Cut 6% Of Its Workforce

[RAMROD 117,132]

 

Spotify said on Monday it plans to cut 6% of its workforce and would take a related charge of up to nearly $50 million, that would add to the massive layoffs in the technology sector in preparation for a possible recession.

The tech industry is facing a demand downturn after two years of pandemic-powered growth during which it had hired aggressively. That has led firms from Meta to Microsoft to shed thousands of jobs.

“Over the last few months we’ve made a considerable effort to rein in costs, but it simply hasn’t been enough,” Chief Executive Daniel Elk said in a blog post announcing the roughly 600 job cuts.

Spotify’s operating expenditure grew at twice the speed of its revenue last year as the audio-streaming company aggressively poured money into its podcast business, which is more attractive for advertisers due to higher engagement levels.

 

https://newsroom.spotify.com/2023-01-23/an-update-on-january-2023-organizational-changes/

https://www.nbcnews.com/tech/internet/spotify-cut-6-jobs-content-head-depart-rcna66969

[Economy 52,861]

That's unfortunate. But better to loose your job during a labor shortage than at any other time so u can find another job more quickly

 

Loosing ur job during a recession is the worst. Been there done that

[Natalia Kills 418]

I work in tech and damn do these layoffs hurt. 50% of the company I work for laid off in 6 months. 

I'm lucky in a way because I can pivot to a different industry as I work in marketing. But I know a lot of people who became devs made huge career changes because they thought it would be stable.

I will be honest though, there is a lot of bloat that happened from the growth boom during lockdowns. We had a huge EDI department that was fairly useless and a security department that basically prepped boring courses telling us to not own doors for people. Both were cut quite quickly when it push came to shove.

Still I feel like I'm next for the chopping block