Spotify initiates a worldwide assessment of its media strategies

Spotify, the globally known music streaming service, has launched a media pitch, with Lodestar UM currently handling its media planning and buying business. The Swedish company, primarily owned by founders Daniel Ek and Martin Lorentzon, has been in the spotlight.

This year, Spotify made headlines by unveiling plans to restructure its podcast division, resulting in the removal of 200 job roles, impacting around 2% of its global workforce. Earlier in the same year, the company announced the termination of 600 employees, citing "macroeconomic conditions."

Notably, Spotify wasn't the only major player to undergo layoffs this year. Tech giants like Amazon, Microsoft, Salesforce, and Google also disclosed plans for significant workforce reductions.