According to a memo from Bloomberg, Spotify will reduce its new hires by 25% as the recession fears mount. It is not clear which areas of the business will be affected.
Spotify is not the only tech company that has had to reevaluate its workforce as the stock market plummets.
Twitter, Meta, and Netflix each announced a hiring freeze in April. This was mainly due to layoffs at Tudum, an in-house fansite.
In last week's investor presentation by Spotify, Daniel Ek, CEO, highlighted the company's growth in other verticals than music, such as podcasting and soon audiobooks.
Paul Vogel, the chief financial officer of Spotify, did mention that economic conditions could affect staffing.
Vogel stated that "we are well aware of the growing uncertainty regarding the global economic environment."
"And although we have not yet seen any material impact on our business, we are closely monitoring the situation and evaluating the prospects for our headcount growth."
According to Spotify's filing with the SEC, Spotify had over 6,600 employees at the end of 2021. This is an 18% increase from the previous year.
Even though the market might force Spotify to slow down its ambitions in 2019, Ek stated in a staff memo that the company will continue to add headcount.
Amazon Astro, a household robot, will be $1499.99 on sale. You can request an invitation to test it for $1,000 now.
It's primarily designed to be a mobile camera for home surveillance, but it can also double as an Alexa smart speaker with wheels. Although it's an original concept, this robot is limited in its capabilities.