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The tech industry forecast remains overcast as we head into 2024. Spotify announced yesterday that it is slashing 1,500 jobs. This move by Spotify is not an isolated event but a part of a broader pattern that has seen tech titans like Meta, Alphabet, Microsoft, Amazon and many others in the tech industry, reducing their workforces significantly.
Spotify’s decision to lay off employees stems from the challenging economic environment. Despite growing its subscriber base and expanding into podcasts and audiobooks, profitability has remained difficult for the streaming service.
Spotify’s struggles reflect a larger trend across the technology industry of companies
