Condé Nast chief content officer Anna Wintour announced the news in an email to staff on Wednesday.
Earlier this week, Amazon said it will lay off about 500 employees who work on its livestreaming platform Twitch.
The Illinois-based company abruptly laid off its staff on Sunday and will most likely file for bankruptcy.
The company's announcement that it would cut 17% of its global workforce added $2.6 billion to the streaming giant's market capitalization.
Co-founder and CEO Daniel Ek said the "Spotify of tomorrow must be defined by being relentlessly resourceful in the ways we operate, innovate, and tackle problems."
About 40 employees were let go Thursday, including executive vp, global repertoire Fred Casimir and senior vp, global repertoire Jason Hradil.
Epic Games notified hundreds of staff members on Monday that they would receive severance packages.
Seven employees on the company's artist services team were affected, sources say.
About sixty employees are set to be impacted, including agents, executives and support staff.
The instant messaging platform has reduced its headcount by about 4%, including entertainment partnerships head Kenny Layton and marketing staff.
