Music streaming firm Spotify becomes the latest tech firm to announce job cuts amid a bleak economic environment in which consumers and advertisers alike have cut back on spending.
Stockholm-based Spotify said on Monday it will be laying off 6% of its worldwide staff. The layoffs affect around 600 out of Spotify’s total workforce of 9,800.
The company has 5,400 U.S. workers and 1,900 Swedish workers, as stated on its LinkedIn page.
Swedish company Spotify, which is publicly traded on the New York Stock Exchange, notified employees of layoffs in an internal memo on Monday.
In the message, Spotify CEO Daniel Ek said that he will be meeting with affected workers individually.
Employees who are laid off will receive an average of five months of severance pay and ongoing health-care coverage, according to Ek. Workers whose immigration status is related to their employment will also be able to receive immigration assistance.