Spotify is going to slow hiring by 25%, CEO Daniel Ek wrote in an email to employees on Wednesday, according to a Reuters report. The company has about 8,230 employees globally.
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The Swedish firm would continue hiring, however, it is going to slow the pace “and be a bit more prudent” over the next few quarters, he noted in the email.
Spotify chief’s email comes a week after CFO Paul Vogel said at the company’s investors’ day that the firm was watching the global economy.
While the company is yet to see any material impact on its business, he noted, “We are keeping a close eye on the situation and evaluating our headcount growth in the near term.”
At the investor day, where Spotify was updating the financial community on its progress, Ek said, “I believe that over the next decade, we will be a company that can generate $100 billion in revenue annually.”
Spotify, which earlier focused mainly on music-streaming, has evolved over the years, expanding beyond music into podcasting and audiobooks, and has been making significant investments in these areas.
The Sweden-based company has joined many other tech companies that have made announcements on cutbacks and hiring freezes or slowdowns in the last few months amid economic uncertainty. Most recently, crypto exchange Coinbase said it would cut about 1,100 jobs.
