Spotify, the popular music streaming service, is the latest tech company to announce layoffs. The company is set to cut 6% of its workforce, affecting over 400 employees worldwide.

In an internal memo sent to staff, Spotify CEO Daniel Ek said the decision was necessary due to the current economic climate. The cuts are expected to be completed as soon as this week.

The news follows a string of tech job cuts due to the pandemic. Companies such as Apple, Amazon, and Microsoft have all made similar decisions in the past few months.

Spotify is offering severance packages and other forms of assistance to those affected by the layoffs. The memo also mentioned that the company will continue to hire in certain areas.

This is one of the five things you need to know to start your day. Other tech companies are likely to follow suit as the pandemic continues to put a strain on the economy.