Spotify to Cut 6% of Workforce in Latest Tech Layoffs

Monday - 23/01/2023 09:31 Author: Editors Desk Source: WSJ:

Streaming company says move is part of broader cost-cutting measures

Spotify to Cut 6% of Workforce in Latest Tech Layoffs
Spotify to Cut 6% of Workforce in Latest Tech Layoffs

Spotify Technology SA is laying off 6% of its employees as part of broader cost-cutting measures after the streaming company went on a spending spree during the pandemic.

The company’s move is the latest in a wave of technology layoffs, as the industry recalibrates after growing rapidly over the past few years and ahead of a potential recession.

“Over the last few months we’ve made a considerable effort to rein-in costs, but it simply hasn’t been enough,” Spotify Chief Executive Daniel Ek said in a letter to employees on Monday. “So while it is clear this path is the right one for Spotify, it doesn’t make it any easier.”

The Stockholm-based company has about 8,600 employees worldwide, according to its website. Mr. Ek had said last year that Spotify would slow hiring but didn’t plan to lay anyone off.

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