Popular Arabic-language music and content-streaming service Anghami was the latest music company to cut staff as rising global economic uncertainty forces companies to cut costs to maintain profitability.
The Abu Dhabi-based company said in a expression last week (Nov. 15) that the number of full-time employees was reduced by 22%, or around 39 employees.
“Given the impact of the difficult macroeconomic conditions, we had to take some cost discipline measures to improve our bottom line,” Eddy Maroun, Anghami CEO and co-founder said in a statement announcing the company’s third-quarter earnings.
Several music companies have laid off staff or cut investment budgets in recent months to prepare for a possible economic downturn. That summer, Spotify said it would 25% fewer settingsSoundCloud 20% dismissed his staff and BMI said it was cutting almost 10% of the entire workforce through a…