Swedish Music Streaming Giant Spotify to Reduce New Hiring by 25%

Swedish music streaming giant Spotify is reported to be cutting new hires by at least 25% as tech companies survive volatile market conditions around the world. As per media reports, Spotify is reducing hiring amid rising fears of recession.

However, it's unclear which of Spotify's business areas will be hit hardest, The Verge reports. According to a filing with the US Securities and Exchange Commission, Spotify had more than 6,600 employees as of the end of 2021.

The market could dull the company's ambitions, but Ek said in a staff memo that the company would still increase the number of employees. Spotify CEO Daniel Ek said last week he talked about the company's growth not only in subscriptions but also in non-music industries such as podcasting and soon audiobooks.

Despite the controversy over Joe Rogan over misinformation about his podcast regarding Covid, premium subscribers to music streaming services increased 15% (year-on-year) to 182 million in the first quarter of 2022 (Q1) increased from 180 million in the previous quarter.