ALBAWABA - Spotify plans to lay off around 200 employees from its podcasting unit, representing about 2% of its workforce.
In a memo released on Monday, the Swedish company stated that it had made a "difficult but necessary decision" to reorganize its podcast unit, including the integration of Gimlet Media and Parcast while keeping The Ringer as a separate entity.
This is the second wave of layoffs for Spotify since it let go of nearly 6% of its workforce in January, due to a slowdown in advertising spending.
Earlier, Spotify had announced that it had 100 million podcast listeners and that the advertising revenue for its podcasting unit had doubled from 2021 to 2022. The company had spent around $500 million in 2019 on podcast production studios and app redesign.
