Spotify to Cut 6% of Workforce, Some 600 Employees

Voice of America
24 Jan 2023, 00:37 GMT+10

Stockholm - Swedish music streaming giant Spotify said Monday it was cutting six percent of its roughly 10,000 employees, the latest cost-cutting announcement among technology companies.

'In hindsight, I was too ambitious in investing ahead of our revenue growth. And for this reason, today, we are reducing our employee base by about six percent across the company,' Spotify chief executive Daniel Ek said on Spotify's official blog.

'I take full accountability for the moves that got us here today,' Ek added.

The Swedish company, which is listed on the New York Stock Exchange, has invested heavily since its launch to fuel growth with expansions into new markets and, in later years, exclusive content such as podcasts.

Spotify has never posted a full-year net profit despite its success in the online music market.

In recent months, tech giants such as Google parent company Alphabet, Facebook-owner Meta, Amazon and Microsoft have announced tens of thousands of job cuts as the sector faces economic headwinds.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Iraq Sun.

More Information

27 ℃

Cloudy in Baghdad

International

Section

UN's envoy for Cyprus peace talks backed by European Parliament

STRASBOURG, France: The President of the European Parliament, Roberta Metsola, has voiced the legislative body's support for appointing a United ...

Fire in nightclub in Spain kills 13, injures many others

MURCIA, Spain: Authorities said a nightclub fire over the weekend in the southeastern Spanish city of Murcia killed 13 people ...

International Longshore and Warehouse Union declares bankruptcy

SAN FRANCISCO, California: To resolve a pending litigation with the Oregon affiliate of the International Container Terminal Services Inc (ICTSI), ...