Spotify says will cut staff by 'approximately 17%'
Monday, 4 December 2023 Spotify plans to reduce its number of employees by 17% to cut costs due to slower economic growth. Despite a recent positive earnings report and growth in active users, CEO Daniel Ek stated that the company's cost structure is still too big. Spotify previously invested heavily in team expansion, content enhancement, marketing, and new verticals, but now finds itself in a different environment. The company has never posted a full-year net profit and has only occasionally achieved quarterly profits.
Spotify Announces , Massive Layoff.
'Gizmodo' reports that Spotify has
announced sweeping staff cuts aimed
at cutting global headcount by around 17%.
The 17% staff reduction is estimated
to impact almost 1,600 Spotify staff
members from across the world.
CEO Daniel Ek blamed the layoffs on...
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Monday, 4 December 2023
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