Music app

Spotify to cut jobs

Music streaming service Spotify is laying off some 17% of its workforce, in a dramatic move aimed at reducing its costs and adjusting for a slowdown in growth, CEO Daniel Ek said Monday 4th December 2023.

It is reported Ek said Spotify invested too much in 2020 and 2021 and had to ‘rightsize’ its costs for a new economic reality.

Spotify reported a 65 million euros ($70.7 million) profit in the third quarter, citing lower spend on marketing and personnel.

The latest round of cuts is reported to equate to roughly 1,500 jobs – but this has not been confirmed by Spotify.

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