© Reuters. Small figurines appear in front of the Spotify logo shown in this illustration taken on February 11, 2022. REUTERS/Dado Ruvic/Il Illustrators
(Reuters) – Spotify technology SA (NYSE: ) said Monday that it will lay off 200 employees in its podcasting division, which represents about 2% of the podcasting workforce worldwide.
The company has resorted to massive expansion to supplement its earnings from streaming music with other revenue-generating formats like podcasts, spending more than $1 billion on them and adding big names like Joe Rogan to its roster.
“We’re expanding our partnership efforts with podcasters from around the world with an approach tailored to each show and creator,” said Spotify.
The company said in January that it planned to lay off 6% of its staff and would incur related fees of up to $50 million.
