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Music Industry Layoffs – Here Are The Companies Impacted So Far

Music Industry Layoffs – Here Are The Companies Impacted So Far

Photograph Credit score: James Yarema

Because the economic system slows and customers ease spending, the music business has seen a large reversal within the tech sector hiring spree that surged through the pandemic. Right here’s what to know.

Within the final month alone, the know-how business reduce 50,000 jobs because the pandemic-led hiring spree now faces a slowed economic system and cost-cutting. The tech business’s mass layoffs have additionally resulted in lots of music firms slicing jobs over the previous a number of months. Right here’s a have a look at a few of the firms which have introduced layoffs thus far.

Alphabet / Google

Google mother or father firm Alphabet introduced slicing round 12,000 jobs, or 6% of its workforce, within the face of “a special financial actuality” as the corporate anticipates the rising menace of a US recession.

Amazon

Amazon introduced plans to put off round 18,000 staff, primarily these in Amazon Shops and the corporate’s PXT (Individuals, Expertise, and Expertise) organizations. The corporate additionally laid off half its Amazon Amp stay radio app staff in October 2022. 

Audacy

The Philadelphia-based broadcasting firm started a sequence of layoffs in Q3 2022, affecting lower than 5% of its workforce, following “disappointing financials” and shares reaching an all-time low.

BMI

Following BMI’s unsuccessful Goldman Sachs-assisted pursuit of a purchaser final yr, the corporate introduced a spherical of layoffs affecting roughly 10% of the workforce.

CD Child / Soundrop

Downtown Music’s CD Child and Soundrop laid off “a quantity” of staff final yr, broadly citing financial causes. Some affected staff reported that the corporate would cease a number of companies offered by these entities, and staff had been changing into “an adjustment variable for companies” in consequence.

Meta

Mark Zuckerberg introduced in November that Fb and Instagram mother or father firm Meta could be shedding 11,000 staff, or round 13% of its employees — probably the most in depth layoffs within the firm’s historical past.

Microsoft

Microsoft CEO Satya Nadella introduced that the corporate could be shedding 10,000 staff, or simply underneath 5% of its employees, to be accomplished by the top of Q3. The corporate goals to focus efforts on AI improvement even because it cuts again its workforce in anticipation of a recession.

Patreon

Patreon introduced shedding 80 staff, or about 17% of its complete workforce, in September 2022. The corporate stated it might enhance investments in its product, design, and engineering groups to proceed delivering updates to maintain creators and patrons completely happy.

SoundCloud

SoundCloud introduced on LinkedIn in August 2022 that they might be slicing 20% of their workforce, affecting greater than 70 staff — the corporate employed 359 full-time staff members by the top of 2020.

SoundHound

Regardless of changing into a serious participant in AI voice software program, SoundHound is going through an unsure future, shedding roughly half its remaining employees — round 200 individuals. The corporate laid off round 10% of its workforce solely three months earlier.

Snap

Snapchat mother or father firm Snap introduced shedding 20% of its staff in September 2022, resulting in broader restructuring that resulted within the firm dropping the standalone app Voisey and its web3 initiatives.

Spotify

After large progress through the pandemic, Spotify discovered itself “too bold in investing forward” of its income progress, shedding 6% of its workforce throughout the corporate.

TikTok

In August, TikTok trimmed down its promoting staff in North America amid reorganizing efforts in gross sales and account administration departments. In late January 2023, the corporate reportedly laid off staff from its hiring and HR groups.

Twitter

After Elon Musk took the reins, tons of of Twitter staff had been laid off in November, together with these in content material moderation and engineering. The large rounds of cuts affected roughly half of Twitter’s workforce. Some former staff opted to take part in a class motion lawsuit accusing Twitter of failing to supply employees sufficient discover required by federal and state labor legal guidelines.