Audio streaming platform Spotify announced on Wednesday that it slowing hiring by 25%, as markets continue to experience uncertainties.
In a company-wide email sent by CEO Daniel Ek, Spotify said it would continue hiring, but would “be a bit more prudent.”
What’s happening at Spotify isn’t isolated. Across the tech industry, companies are making drastic adjustments to some of their process in a bid to sail through the challenging economic times.
At an investor conference held earlier this month, Spotify Chief Financial Officer Paul Vogel said, the ongoing economic crisis is yet to have material impact on business. Vogel added, “We are keeping a close eye on the situation and evaluating our headcount growth in the near term.”
Spotify has a global workforce of about 8,230 employees. Last year, the hailed steaming platform raked in $11.4 billion. The company has heavily invested in audiobook and podcasting services which are expected to contribute significantly to its future.
In keeping up with ongoing challenges on tech-based platforms, Spotify announced on Monday that had formed a Safety Advisory Council to help in the control of emerging issues. Part of the Council’s task is to provide third-party input on issues such as hate speech, disinformation, extremism and online abuse.
The 18-member council has representatives from the US civil rights group the Center for Democracy & Technology, the University of Gothenburg in Sweden and the Institute for Technology and Society in Brazil.
Dustee Jenkins, Spotify’s global head of public affairs said, “The idea is to bring in these world-renowned experts, many of whom have been in this space for a number of years, to realise a relationship with them.”