SiriusXM Holdings, home to Howard Stern and owner of podcast platform Stitcher, announced on Monday that it will lay off 8% of its workforce, which equates to about 475 employees.
This decision comes as the satellite radio company is experiencing slow subscriber growth due to consumers bracing for a recession and weak auto sales.
As of December 31, 2022, SiriusXM had 5,869 full-time and part-time employees. The company also plans to reduce its marketing budget.
The CEO of SiriusXM, Jennifer Witz, said in a letter to staff that the layoffs will impact nearly all departments and that it was necessary to maintain a sustainably profitable company.
The company joins other tech giants such as Microsoft and Google-parent Alphabet that have also cut thousands of jobs to weather a difficult economy.
Earlier in January, music streaming platform Spotify Technology also cut its workforce by 6%.
»SiriusXM Holding would layoff over 475 employees due to the slow growth of their subscribers«
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