Bloomberg News reported that Spotify Technology, the Swedish music streaming giant, is planning to announce layoffs as soon as this week.

The news agency added that the amount of job layoffs under consideration at the popular streaming service is unknown, citing unnamed people familiar with the issue.

Spotify, which employs approximately 9,800 people, laid off 38 staff from its podcast studios Gimlet Media and Parcast in October.

Thousands of tech jobs have been eliminated in the last year as falling advertising income and recession fears trigger reevaluations of headcounts that soared during the COVID-19 pandemic.

It is worth noting that smaller tech firms like UK-based cybersecurity firm Sophos and cryptocurrency players like Coinbase have also announced job cuts affecting up to 20% of their employees.

According to data collected by the Layoffs.fyi website, more than 55,000 tech employees globally have been laid off so far in 2023.

See more: 2022, a bad year for US tech companies