Spotify To Cut Podcast Division Headcount By 200 Employees - Spotify Technology (NYSE:SPOT)

Spotify Technology SA SPOT disclosed the decision to cut its headcount by 200 employees in the global podcast vertical and other functions, representing 2% of the company's workforce.
The company is undertaking the initiative as a part of the strategic alignment of the business.
Related: Spotify To Downsize Employee Count To Fight Macro Headwinds
Spotify will focus on expanding its alliance with leading podcasters globally, with a tailored approach optimized for each show and creator.
As part of this next phase, the company plans to combine Parcast and Gimlet into a renewed Spotify Studios operation, which will continue to produce a wide range of high-impact originals, including Stolen, Science Vs, Heavyweight, Serial Killers, and Conspiracy Theories.
The company stated Julie McNamara, the VP & Head of Global Podcast Studios, will continue to oversee the Spotify Studios organization, and Liliana Kim in charge of Current Content for Spotify Studios.
Last month, the company withdrew tens of thousands of songs from artificial intelligence music start-up Boomy amid objections of fraud across streaming services.
Related: Spotify Is Still Struggling to Monetize The Music Streaming Business Despite Playing The Right Notes
Price Action: Spotify shares are trading higher by 3.24% at $156.65 on the last check Monday.