Spotify Technology CEO Daniel Ek informed the staff via email that it will reduce its hiring by 25 percent to curb expenses amid economic uncertainty.
The world’s largest on-demand audio service would continue hiring, though it would slow the pace and be a bit more prudent of over the next few quarters. The company said it employs about 8,230 people worldwide, Reuters news report said.
The Stockholm-based Spotify’s Chief Financial Officer Paul Vogel alerted the investment community that the company was monitoring the economy during an investor conference earlier this month. Although it had yet to see a material impact on business, he said, “We are keeping a close eye on the situation and evaluating our headcount growth in the near term.”