Spotify Technology SA said on Monday it would lay off 200 employees in its podcast division, representing about 2% of the audio streamer’s worldwide workforce.
The company has resorted to aggressive expansion to supplement its earnings from music streaming with other revenue-generating formats such as podcasts, spending more than $1 billion on them and adding popular names such as Joe Rogan to its roster.
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“We are expanding our partnership efforts with leading podcasters from across the globe with a tailored approach optimized for each show and creator,” Spotify said.
The company said in January it planned to cut 6% of its staff and would take a related charge of up to $50 million.
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