According to individuals acquainted with the matter, Spotify Technology SA is considering layoffs as early as this week in an effort to reduce expenses.

It was not indicated how many jobs would be lost. In October, 38 employees from Spotify’s Gimlet Media and Parcast podcast studios, as well as podcast editorial staff, were laid off. According to its third-quarter financial report, the music streaming behemoth employs approximately 9,800 people.

Recent personnel reductions were also disclosed by Meta Platforms Inc., Amazon.com Inc., Alphabet Inc., the parent company of Google, and Microsoft Corp. During the pandemic, tech companies expanded their workforce, but were compelled to reduce personnel in response to an uncertain economic picture.

A representative from Spotify declined to comment on the impending changes.

Beginning in 2019, the business has made a significant investment to podcasting. It spent more than a billion dollars acquiring podcast networks, creation tools, a hosting service, and the rights to prominent programmes such as The Joe Rogan Experience and Armchair Expert.

Nonetheless, investors’ patience has been strained by the investments. Investors questioned when they would begin to see returns, which resulted in a 66% decline in share price over the course of the prior year. Spotify executives predicted in June that its podcasting business would become profitable within the next one to two years.