Sweden-based Spotify has seen advertisers pull again on spending.

Music streaming agency Spotify Technology SA plans to chop 6% of its workforce, the corporate mentioned on Monday, a transfer that can add to a glut of layoffs within the know-how sector as corporations put together for a doable recession.

Tech corporations are going through a requirement downturn after two years of pandemic-driven progress throughout which they’d employed aggressively. That has led the likes of Meta Platforms Inc to Microsoft Corp to shed 1000’s of jobs.

Sweden-based Spotify has seen advertisers pull again on spending, mirroring a pattern seen at Meta and Google guardian Alphabet Inc, as speedy rate of interest hikes and the fallout from the Russia-Ukraine warfare strain the economic system.

Spotify mentioned it’s going to incur about 35 million euros ($38.06 million) to 45 million euros in severance-related prices.

The firm mentioned its chief content material and promoting enterprise officer Dawn Ostroff can even depart.

Spotify had about 9,800 full-time staff, as of September 30.

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