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Spotify, the Swedish music streaming company, has announced that it will be cutting around 200 jobs, which equates to approximately two percent of its workforce, in its internal podcast operations.
The company stated that it has recently entered the next phase of its podcast strategy and is moving towards a tailored approach for each show and creator.
This requires a strategic realignment of the group, resulting in a reduction of its global podcast vertical and other functions.
The company has invested over one billion euros into podcasting in recent years, but has yet to prove that the investment is bearing fruit.
Despite strong subscriber growth, the company has only occasionally posted a quarterly profit since its launch and has regularly posted annual losses.
