On Monday, Spotify announced it was laying off 200 of its employees in its podcast division.
In the past three years, Spotify has made significant investments to grow its podcast division. According to an SEC filing, Spotify has spent $526 million on four major podcast acquisitions since 2020.
“We are expanding our partnership efforts with leading podcasters from across the globe with a tailored approach optimized for each show and creator,” Spotify said.
In January, the company announced plans to lay off 6% of its workforce and take a charge of up to $50 million.
Vice President of Spotify Sahar Elhabashi informed employees of the cuts in a memo. He said the affected parties will receive “generous severance packages.”
Elhabashi said the “fundamental pivot from a more uniform proposition will allow us to support the creator community better.”
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