Shulou(Shulou.com)11/24 Report--

CTOnews.com, January 23 (Xinhua)-- Spotify Technology plans to cut jobs as early as this week to cut costs, while Alphabet, Amazon, Microsoft and Apple have recently laid off thousands of jobs, Bloomberg reported.

People familiar with the matter did not disclose the number of jobs to be cut. In October, Spotify laid off 38 employees from its Gimlet Media and Parcast podcast studios. According to its third-quarter results, the music streaming giant employs about 9800 people.

As the demand boom faded rapidly during the pandemic, technology companies laid off last year and continued this year, hoping to rein in costs to weather the economic downturn.

In the past few weeks, Alphabet, Google's parent company, announced that it would cut 12000 jobs, or more than 6 per cent of its global workforce, while Microsoft said it would cut 10000 jobs; and a round of layoffs at Amazon would affect more than 18000 jobs.

Other technology companies such as Meta, the parent company of Facebook, and Twitter of Elon Musk, cut thousands of jobs at the end of last year.

CTOnews.com Science Popularization: the official Chinese name of Spotify has not yet been determined, while the folk translation of the name is often used by "Shengtian", an online music streaming service platform. It is currently one of the largest first-rate music service providers in the world, and has cooperation licenses with four major record companies in the world: universal Music, Sony Music Entertainment, Warner Music, Tencent Music Entertainment Group and other record companies.

The company has invested heavily in podcasts since 2019. It spent more than $1 billion to acquire podcast networks, create software, hosting services and broadcast rights to popular shows such as The Joe Rogan Experience and Armchair Expert.

However, these investments test the patience of investors. The stock tumbled 66% last year, and investors questioned when they would see a return. Spotify executives said in June that their podcast business would be profitable in the next year or two.

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