Spotify cuts its staff

Spotify will lay off some 6% of its 6,600-strong workforce as the streaming giant becomes the latest tech firm to undertake cost-cutting measures to cope with a struggling economy.

The Sweden-based company will shed some 400 employees who will be paid an aggregate of between $38 million and $48 million in severance, according to Bloomberg News.

Spotify also announced the departure of Dawn Ostroff, the company’s chief content and advertising business officer. Ostroff leaves amid a companywide reorganization.