Spotify announces global job cuts, latest in Big Tech layoffs after large, pandemic-period growth

Music streaming service Spotify said Monday it's cutting 6% of its worldwide workforce.

The announcement follows several other top Big Tech firms including Google, Microsoft, Meta and Twitter recently announcing layoffs, ahead of what some economists see as a looming global recession. 

Daniel Ek, the chief executive officer of the Stockholm-based company, announced the cutbacks in a message to employees posted online, according to the Associated Press.

"To bring our costs more in line, we’ve made the difficult but necessary decision to reduce our number of employees," Ek wrote, in part.

The Big Tech layoffs also indicate the industry's economic boom during the COVID-19 pandemic appears to be ending.

Ek also indicated that the company’s subscription-based business model, which had long focused on growth, had to evolve.

He did not say exactly how many jobs will be cut. But Spotify reported in its latest annual report that it employs about 6,600 employees, which suggests that 400 jobs are being cut, the wire service also reports.