The media industry is experiencing one of the biggest layoffs in the last three years. In January 2023, Spotfiy laid off 600 people, marking the largest media industry layoff in the world since 2020. The music streaming service announced a round of layoffs affecting 6% of their global workforce.
Check out the list below for the largest media industry layoffs worldwide as of January 2023.
While Spotfiy tops the list with the largest layoff in the media industry, it wasn’t long ago that Netflix sat at No.1. Now moved to two, Netflix has laid off 300 jobs in June 2020.
In Spotify’s most recent earnings report, the company had 9,808 full-time employees.
The move is set to cut 600 employees, which is 6 percent of their staff.
Spotify is the latest tech company that is forced to cut its workforce in the midst of the globally economic downturn. Recently, Google announced it would cut 12,000 jobs and similar layoffs were executed by Twitter, Amazon, Microsoft and Meta.
The music streaming company is apparently looking to restructure in hopes of increasing efficiency, reducing costs and speeding up decision-making.
Overall, the layoffs continue a trend in the media industry, which has seen 10 different companies cut at least 130 jobs over the last two years.
