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Forget the #CryptoCrash for a moment: there are very real fears of a wider recession in 2022 in a number of countries, buffeted by various economic headwinds.

We’ve seen startups advised to rein in their spending, but some of the biggest companies in our space are also responding.

Spotify, for example, will slow its hiring by 25% over the coming months, according to a memo to staff from CEO Daniel Ek. This follows comments from chief financial officer Paul Vogel earlier this month in Spotify’s earnings call, when he told investors the company was “keeping a close eye on the situation and evaluating our headcount growth in the near term”.

So, not layoffs or a freeze on recruitment just yet, but rather a slowdown in the rate at which Spotify grows its workforce. It would not be surprising to see other companies in and around music following similar policies, even if they don’t announce them as openly.

Music Ally’s next Learn Live webinar will help you understand what’s required for artists to thrive in new international markets!

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Stuart Dredge

Music Ally's Head of Insight

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