Glenn Peoples 
Spotify CEO Daniel Ek told staff the streamer "will continue to hire and grow" but will "be a bit more prudent" in the next few quarters.
Spotify to Slow Hiring Growth by25%
Spotify to Acquire AI Voice Startup Sonantic
Ek’s email went on to say Spotify “will continue to hire and grow” and that “we are just going to slow that pace and be a bit more prudent with the absolute level of new hires over the next few quarters,” according to a source within the company. News of Ek’s email was first reported by Bloomberg.
A Spotify spokesperson pointed Billboard to comments Spotify CFO Paul Vogel made at the company’s June 8 Investor Day presentation: “We are clearly aware of the increasing uncertainty regarding the global economy. And while we have yet to see any material impact to our business, we are keeping a close eye on the situation and evaluating our headcount growth in the near term.”
The June 8 presentation aimed to show investors the company can improve margins while working towards its goal of 1 billion global users. Spotify’s investments in podcasting in recent years required upfront cash outlays and large expenses that have outrun revenues. Podcasting gross margins were -57% in 2021, but Spotify believes it can achieve 30-35% in three to five years and 40-50% over the long term.
Spotify’s share price rose 8.1% to $105.96 after the news broke Wednesday (June 15).
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