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Spotify announces layoffs, cuts 200 jobs in podcast division

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2 years ago

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Music streaming giant Spotify Technology SA has revealed plans to lay off 200 workers in its podcast unit, marking the company’s second round of layoffs as it undergoes a business restructuring following years of substantial investment. 

This move affects approximately 2% of Spotify’s workforce and aligns the company with others such as Meta Platforms and Roku, both of which have also implemented job cuts in response to an uncertain economic climate.

In early trading, shares of the Sweden-based company rose about 0.5%, outperforming the overall market, which displayed muted activity. Spotify had previously made aggressive investments to establish its podcast business, aiming to attract more advertisers through the higher engagement levels offered by the format.

However, this expansion strategy resulted in a significant increase in operating expenditure, growing twice as fast as its revenue last year. The combination of rising interest rates and high inflation has compelled businesses to reduce spending on advertisements. 

Consequently, Spotify initiated a 6% reduction in its workforce earlier in 2023 and announced the departure of Dawn Ostroff, who played a pivotal role in shaping the podcast business and navigating through controversies, including the backlash surrounding Joe Rogan’s show for allegedly spreading misinformation about COVID-19.

Sahar Elhabashi, the head of the podcast business at Spotify, explained on Monday that the company has made the “difficult but necessary decision to make a strategic realignment.” Additionally, Spotify intends to merge its Parcast and Gimlet studios into a single division called Spotify Studios, which will focus on producing Spotify originals.

Elhabashi further elaborated that Spotify will adopt a tailored approach for each show and creator, moving away from the previously uniform approach. This shift in strategy aims to provide greater flexibility and customisation to meet the unique needs of individual content creators and their shows.

By implementing these measures, Spotify aims to streamline its operations and optimise resources to adapt to the evolving economic landscape. The company recognises the importance of addressing cost management and ensuring long-term sustainability while maintaining its position as a prominent player in the music streaming and podcast industry. 

The layoffs in the podcast division are part of the broader efforts to restructure the business and maintain a competitive edge in the face of ongoing challenges.

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Balochistani Graduates Selected for NUTECH Islamabad’s Mining Program

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6 days ago

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For 18 graduates of the Reko Diq Mining Project, the National University of Technology, Islamabad, has started a training program. These graduates will complete an 18-month on-the-job training program at Barrick’s International Mining Sites after completing a two-month course at NUTECH.

The graduates will acquire proficiency in mining and associated technical domains during the training program. The chosen graduates will also get specific instruction on environmental protection, safety, exploration, and geology.

Along with the development of communication skills, the curriculum will also emphasise the most recent advancements in the mining industry. Barrick’s International Graduate Development Program for 2024 includes the Balochistani graduates.

Additionally, nine Baloch graduates were selected in 2023 and transported to Barrick’s facility in Argentina for on-the-job training.

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WhatsApp will improve the updates tab by introducing new shortcuts and a revamped interface.

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1 week ago

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WhatsApp is implementing a new upgrade to refine the Updates tab interface, hence boosting accessibility for status and channel updates.

WABetaInfo reports that the upgrade introduces expedited shortcuts that streamline the updating of statuses and channels. Users can now select and upload photos and videos directly from the interface, reducing the steps involved in choosing media from the gallery.

The Meta-owned messaging application has also revamped the button for generating text-based status updates and introduced a feature for recording and sharing voice status updates. This offers customers a more expedient method to disseminate text and speech updates without depending on the floating action button.

The revisions correspond with recent modifications to other tabs, ensuring a modernised interface that improves navigation and update creation. WhatsApp is modifying the floating action button to facilitate content sharing within channels.

When selecting the floating action button, users will see several options, including creating status updates, starting new channels, or sharing photos, videos, voice, and text in existing channels. This revamp integrates all content-generating options into a singular section.

The new shortcuts are anticipated to be accessible to a broader user base in the forthcoming weeks. Beta testers can currently access them in the latest WhatsApp beta for Android, version 2.24.26.13, available on the Google Play Store.

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China and Pakistan Sign Memorandum of Understanding to Launch AI-Powered Agricultural Equipment

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2 weeks ago

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Through Chinese expertise, the arrangement, which was made possible by the Special Investment Facilitation Council (SIFC), intends to increase Pakistan’s agricultural output.

The Punjab government and China’s “AI Force Tech” company have inked a memorandum of understanding (MoU) to introduce advanced agricultural machinery during Chief Minister Maryam Nawaz’s visit to China.

Through the use of advanced robotic technology, the MoU seeks to transform Pakistan’s agricultural industry, guarantee economic growth, and boost farmers’ wealth with China’s assistance.

Through the partnership, Pakistan would also have the chance to absorb knowledge about China’s sophisticated farming methods.

In the meantime, plans have been revealed by the Federal Minister of Planning to send 1,000 agricultural experts to China to study contemporary farming methods.

A Chinese business and the Punjab government previously inked an agreement to introduce cutting-edge cancer treatment technologies to Punjab.

Maryam Nawaz signed a Memorandum of Understanding (MoU) with Hygea Medical Technologies while she was in China in order to introduce cutting-edge cancer treatment equipment and techniques to Punjab.

This equipment will make it feasible to treat cancer without the need for chemotherapy or surgery.

Following a meeting with Hygea Medical Technologies President Dr. Luo Fuliang, Maryam Nawaz said the organization has promised expert assistance for the establishment of the Nawaz Sharif Cancer Hospital.

She went on to say that the hospital will work with China to treat cancer patients utilizing the newest equipment and techniques following the agreement.

Maryam Nawaz and a high-level delegation are present. From December 8 to December 15, the chief minister will go to Beijing, Shanghai, Shenzhen, and Guangzhou.

CM Maryam Nawaz is expected to attend a number of conferences, events, and meetings with the goal of enhancing bilateral relations and looking into potential joint ventures in the areas of infrastructure development, technology, agriculture, and governance.

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