Spotify is eliminating about 17% jobs, its third spherical of layoffs, because the music streaming appears to grow to be “both productive and efficient.”
In a notice to workers Monday, Spotify founder and chief government Daniel Ek stated the right-sizing of the workforce is essential for the corporate to face the “challenges ahead.” He cited the the gradual financial development and rising capital prices amongst causes for the job cuts.
“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,” he wrote within the notice, which the corporate later published on the weblog.
Spotify employs about 10,000 folks, which means that Monday’s transfer will impression over 1,500 workers.
The brand new wave of layoff follows Spotify slicing about 6% jobs in June this yr and one other few hundred workers in January.
“I realize that for many, a reduction of this size will feel surprisingly large given the recent positive earnings report and our performance. We debated making smaller reductions throughout 2024 and 2025,” wrote Ek.
“Yet, considering the gap between our financial goal state and our current operational costs, I decided that a substantial action to rightsize our costs was the best option to accomplish our objectives.”
Extra to comply with.
