Spotify Technology SA intends to lay off 6% of its workers, the company announced on Monday, adding to a wave of layoffs in the technology industry as businesses brace for a future recession.

After two years of pandemic-driven expansion in which they hired extensively, tech businesses are facing a demand slowdown. As a result, companies ranging from Meta Platforms Inc to Microsoft Corp have laid off thousands of workers.

As a result of quick interest rate rises and the consequences from the Russia-Ukraine war, marketers at Sweden-based Spotify have cut down on spending, matching a trend seen at Meta and Google parent Alphabet Inc.

Spotify said it will incur about 35 million euros ($38.06 million) to 45 million euros in severance-related charges.

Dawn Ostroff, the company’s chief content and advertising business officer, will also leave.

As of September 30, Spotify has around 9,800 full-time workers.

See This: Nearly $700 Million In Assets Seized From FTX Founder Ahead Of Fraud Trial