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Spotify cuts 17% jobs amid ‘rising capital costs’

By LAWSTREET NEWS NETWORK      Dec 04, 2023      0 Comments
Spotify cuts jobs amid rising capital costs

Spotify has become the latest tech giant to announce major layoffs with the streaming giant's CEO Daniel Ek announcing that around 1,500 staff are being cut due to its growth slowing 'dramatically.'

Music streaming giant Spotify said on Monday that it will reduce its total headcount by around 17% across the company in a bid to cut costs, news agencies reported.
Reportedly, the Swedish company currently has a staff of around 9,000 with Ek saying in a memo that cuts will 'rightsize our costs' while conceding that it would be 'incredibly painful for our team.

''I recognize this will impact a number of individuals who have made valuable contributions. To be blunt, many smart, talented and hard-working people will be departing us,' Ek said.

According to the Financial Times, Spotify execs have been trying to cut costs since the company's 'expensive push into podcasting' which 'tried investors' patience.'

The new wave of layoff follows Spotify cutting about 6% jobs in June this year and another few hundred employees in January, as per media reports.

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