After Meta and Snap, it’s Spotify’s turn to reduce hiring amid economic uncertainty. According to an internal memo obtained by Bloomberg, the audio streaming giant will slow its recruitment growth by 25%. The company hired more than 2,000 employees between 2019 and 202, and had 8,230 at the end of March.
” We are clearly aware of the growing uncertainty regarding the global economy explained the group’s chief financial officer Paul Vogel during the investor day last week. ” And while we have yet to see a material impact on our business, we are closely monitoring the situation and evaluating our near-term headcount growth. “.
While Spotify had a good start to the year and increased its number of subscribers by 15% between 2021 and 2022, it was however affected by the war in Ukraine (the service was disconnected in Russia) and by the consequences of inflation. To continue to grow, the company invests heavily in podcasts but also relies on audio books: a market that represents an annual opportunity of 70 billion dollars, according to the CEO of the group Daniel Ek.
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