Amazon Layoffs in Music Streaming Division Raise Concerns
Amazon (NASDAQ:AMZN) is making headlines today as it announces layoffs in its music streaming division. The company has not disclosed the exact number of job cuts, but it is reported that employees in Latin America, North America, and Europe are affected. This comes on top of the 27,000 job cuts announced by Amazon in the past year.
The layoffs primarily impact Amazon Music’s editorial and audio content employees, according to internal sources. When asked about the situation, an Amazon spokesperson told Reuters, “We have been closely monitoring our organizational needs and prioritizing what matters most to customers and the long-term health of our businesses. Some roles have been eliminated on the Amazon Music team. We will continue to invest in Amazon Music.”
The decision to downsize the music division could be part of Amazon CEO Andy Jassy’s cost-cutting efforts and a strategic shift towards other areas of the business. Amazon has recently emphasized its commitment to Prime Video, suggesting that the job cuts in the Music division may align with a focus on its video streaming platform.
Despite the layoffs, AMZN stock is experiencing a slight boost this morning.
For more stock market news and updates on Thursday, investors can find additional information on Virgin Galactic (NYSE:SPCE), AMC Entertainment (NYSE:AMC), and Spirit AeroSystems (NYSE:SPR) stocks.
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