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Another week, another round of layoffs. This time it’s Spotify. CEO Daniel Ek told employees yesterday morning that he would be cutting 6% of his workforce, saying he would “take full accountability for the move that got us here today.” The most high-profile change is the departure of her chief content and advertising officer, Dawn Ostroff. And while no additional shows have been cut, advertising and business employees at Podsights and Chartable, in particular, were laid off almost a year after Spotify acquired both companies.
Additionally (I know how awkward this is, sorry), we have a few more announcements about the Hot Pod Summit.
After years of podcast acquisitions, Spotify cuts waste
Spotify has spent over $1 billion on acquisitions of studios, publishers, and ad tech to become the biggest force in the podcast industry through sheer will (and capital).It’s also relied on veteran entertainment executive Dawn Ostroff for the past four years to oversee blockbuster deals that have resulted in hits like Joe Rogan Experience, call her daddyWhen unburied batman Platform only. Now, as part of company-wide layoffs, Spotify is eyeing the integration.
According to Ek’s letter, Ostroff is acting on his own will. Taking over her content and advertising sphere will be Alex Norstrom, now Chief Business Officer and Chief of Subscriptions. Heads of Talk Content Julie McNamara, Max Cutler and Bill Simmons will report to Northstrom.
“Together, our podcasting team has revolutionized the field,” says Ostroff. In yesterday’s internal memo“The trajectory of this organization has been astonishing: from virtually zero market share and a handful of podcasts to today with over 5 million podcasts and a 30x increase in podcast consumption on the platform, it has become a major player. It has grown into a platform.”
But (and this is a big deal), Norstrom is not a content person. Moving from someone like Ostroff, who has deep Hollywood roots, to a more typical tech executive like Nostrom will inevitably change how businesses work. Perhaps McNamara, Cutler, and Simmons could get more autonomy or be surrounded by tighter budgets.
Ostroff aside, the content side avoided the worst cuts this time around.
Spotify spokesperson Rosa Oh said: hot pod.
On the advertising and business side, the new layoffs felt more acute. Employees who joined Spotify as part of Podsights and Chartable last year were among the divisions affected by layoffs. His two acquisitions have given Spotify a better ability to measure the performance of its shows on the platform and put it in a better position to sell ads. And it’s working, the company increased his ad revenue by 26% in the first nine months of 2022 compared to the same period in 2021.
But those acquisitions, especially the Megaphone acquisition in 2020, have brought more employees into roles similar to those already at Spotify. One person affected by the layoff spoke on condition of anonymity so he could discuss his former employer freely.
The bigger issue is that Spotify still has to find a way to reconcile its many acquisitions of the podcast business (Anchor, Megaphone, Podsights, Chartable). According to the same former employee, that hasn’t happened yet. There are all these different tech stacks. ”
Another Spotify employee affected by the cuts felt similarly. “There was a lot of confusion about how everything worked together,” they said, requesting anonymity so they could talk about their former employers.
While the 600 employees who lost their jobs yesterday try to clean up, the company has to rethink how a leaner organization works. was. In the months leading up to the cuts, employees were told to limit business travel to mission-critical events, and I’ve heard that food and fitness subsidies were cut. We’ll have to do something about it – Spotify has removed all non-internship listings.
Hot Pod Summit Adds Another Exciting Guest, Also Recording Live Podcast
The Hot Pod Summit will be held next month. We have another exciting piece of programming news to share with you. Conal ByrneCEO of iHeartMedia’s Digital Audio Group joins us for an in-depth interview. Verge Editor-in-chief Nirai PatelThe interview will be recorded live decoderA weekly podcast from The Barge Ask executives, innovators and policy makers how they make decisions and where the industry is headed. We are excited to host that conversation at the Hot Pod Summit and answer some of the big questions on the minds of many across the industry.
If you received an invitation to the Hot Pod Summit, today It’s the last day you can guarantee your spot at the conference before opening up slots for additional guests.
If you would like to attend but are not on the list yet, please fill out the form here. the end of the day today Please let us know you are interested.
The Hot Pod Summit is part of work x work’s On Air Fest, the premier cultural event for audio creatives and inspired listeners. This year’s Creative Festival takes place February 23-25 at the Wythe Hotel in Brooklyn and features Audie Cornish, Kara Swisher, Talib Kweli, Krista Tippett, John Cameron Mitchell, Craig Finn, Kevin Morby, and Audible, A special session will be held by Paramount and Topic Studio. , Simplecast, Stitcher, Pushkin and Vox Media Podcast Network, and more. For more information, you can buy his 1-day or his 2-day tickets at www.onairfest.com. Additionally, On Air is hosting the first-ever podcast fan experience with exhibits and immersive rooms by Radiolab. about existence, My Favorite Murder, more. The Podcast Experience will run all day from February 23-26. Tickets at www.experiencepodcasts.com
That’s all for now. I’m going out next week, so Jake will contact me.
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