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SiriusXM has reduced its workforce by 8%

As the satellite radio company suffers from slow subscriber growth, SiriusXM Holdings Inc. announced on Monday that it would lay off 8% of its workforce, or approximately 475 employees.

Stitcher’s owner stated in February that the company expects to lose subscribers this year as consumers prepare for a recession. The radio operator’s subscriber base is also expected to be harmed by weak auto sales. Marketing budget will also be reduced by the company.

SiriusXM had 5,869 full-time and part-time employees as of December 31, 2022.

“Today’s decision to reduce our workforce was required for us to maintain a sustainably profitable company,” Chief executive Jennifer Witz said in a letter to staff. The lay offs will impact nearly all departments.

SiriusXM joins tech giants like Microsoft Corp. and Alphabet Inc., which is owned by Google, in making tens of thousands of layoffs to weather the tough economy.

Spotify Technology also saw a 6% reduction in its workforce in January.

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