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REDUCTION This March 20, 2018 file photo shows the Spotify app on an iPad in Baltimore. Spotify is cutting about 200 people, or 2 percent of its workforce, as the streaming company reworks its podcast unit. AP PHOTO
SPOTIFY is cutting about 200 people, or 2 percent of its workforce, as the streaming company reworks its podcast unit.
Sahar Elhabashi, vice president, head of podcast business, said in a memo that impacted employees would receive severance packages including extended health care coverage and immediate access to outplacement support.
In January, Spotify announced that it was cutting 6 percent of its global workforce, or about 600 jobs.
Elhabashi also said on Monday that the Stockholm company would be combining podcast networks Parcast and Gimlet into its Spotify Studios operation.
“With these changes, we will accelerate into the next chapter for podcasts on Spotify with strong discovery and podcast habits for users, thriving monetization and audience growth for creators, and a valuable, high-margin business for Spotify,” Elhabashi said.
In afternoon trading, shares rose nearly 3 percent and briefly set a 52-week trading high.
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