Music streaming giant Spotify said on Monday that it will lay off around 1,500 employees, or 17 percent of its headcount, to bring down costs, after letting 600 of its staff go in January, and 200 more in June.
After a round of job cuts at the start of the year by tech companies, some have begun reducing their workforce again, with announcements coming from Amazon to Microsoft-owned LinkedIn.
In a letter to employees, Spotify CEO Daniel Ek said the company hired more in 2020 and 2021 due to the lower cost of capital, and while its output has increased, much of it was linked to having more resources.
Spotify invested more than a billion dollars to build up its podcast business, and expanded its market presence in most countries in the world in its quest to reach a billion users by 2030.
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Spotify to Cut 1,500 Employees in 3rd Layoff Round This Year
- by: Reuters
- 2023-12-04
- Source:
The Epoch Times
- 12/04/2023
