San Francisco, December 5: A techie has said that he is “unemployed before the holidays again”, as he has been laid off by music streaming giant Spotify in its latest job cuts just a year after he had quit ‘X’. Spotify on Monday laid off 17 per cent of its workforce, leaving around 1,500 employees unemployed just before the holiday season. Freddie Carthy joined Spotify just a year ago after leaving Twitter following Elon Musk’s acquisition of the social media company.
“Shocked to find out I’ve been impacted by the Spotify layoffs. Don’t even know what to feel right now,” Carthy posted on X on Monday. Last year, around this time, when Musk took over Twitter, the company announced mass layoffs. At that time, Carthy was working at Twitter, as ‘X’ was previously known, and he resigned from his job, perhaps unsure of his job security. He then joined Spotify as a Senior Web Engineer, he explained. Spotify Layoffs: Music Streaming Platform Announces To Cut 17% Jobs in Third Round of Layoffs in 2023
“One year ago, Twitter s**t the bed and I quit, right before the holidays. 1 year later, I find myself unemployed before the holidays yet again…” he wrote. Spotify founder and CEO Daniel Ek cited slowing economic growth and increased capital costs as reasons for the latest layoffs, claiming that the company used lower-cost capital in 2020 and 2021 to invest heavily in the business. This is Spotify’s third round of layoffs this year. Spotify Feature Update: Music Streaming Platform Tests In-App Lyrics As Premium-Only Feature For Enhancing Paid-Users Experience
In June, the company sacked 200 employees, or 2 per cent of its workforce, from its podcast division as part of a corporate re-organisation, while in January, it slashed 6 per cent of its workforce, or about 600 staffers, globally.
(The above story first appeared on LatestLY on Dec 05, 2023 07:59 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
