Spotify price hike looks more likely than ever after CEO comments around layoffs

Music streaming giant Spotify has announced it would be cutting 6% of its staff, with around 600 employees in total departing the company.

Spotify’s move is the latest in series of mass layoffs at large tech firms, with Microsoft, Amazon, Facebook parent Meta, and Google parent Alphabet all having recently announced job cuts in response to the current economic downturn. Tech companies had earlier been on a hiring spree as pandemic-fueled spending drove increased need for consumer goods and services.

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