The music streaming platform Spotify announced, this Monday, that it plans to cut its workforce by 6%, which involves the dismissal of about 600 workers, according to to Reuters.

The technology company, which is the most recent company in the sector to announce mass redundancies, also said that it will assume a cost of up to around US$50 million with the redundancies.

After two years of pandemic-driven growth, during which it increased contracts, the tech industry is now facing a decline in demand and companies in the sector – from Meta Platforms Inc to Microsoft Corp – are putting layoffs in motion. -off involving thousands of jobs in an attempt to control costs.

“Over the last few months we’ve made a considerable effort to contain costs, but it just wasn’t enough,” chief executive Daniel Elk said in a company blog post. “I was too ambitious to invest before our revenues grew,” lamented.

The tech’s operating expenses grew at twice the speed of its revenues last year as the company invested in the podcast business, which is more attractive to advertisers due to higher levels of engagement.

At the same time, companies have pulled back on advertising spend on the platform, mirroring a trend already seen at Meta and Google.

The company also announced the departure of Dawn Ostroff, director of content and advertising, after four years managing the platform’s exclusive podcast initiatives.

The technology company also announced the appointment of Alex Norström, director of the “freemium” business, and the director of research and development, Gustav Söderström, as co-presidents.

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