News

Spotify Cuts Around 6% of its Staff in the Latest Round of Tech Layoffs

Quoting a need of improve efficiency, the Swedish music-streaming giant said that it would lay off around 600 employees

The world’s biggest music streaming platform Spotify just announced that it is laying off around 6% of its 10,000 employee workforce.

“In hindsight, I was too ambitious in investing ahead of our revenue growth,” said Spotify CEO Daniel Ek while announcing the layoffs.

Despite its significant user base, Spotify has never recorded a full year of net profit, and now following the tech crash, the company has added itself into the list of companies that were a part in the tech layoffs.

Both Google parent Alphabet and Microsoft also made similar layoff announcements last week. Google said it would lay off around 12,000 jobs while Microsoft said it would layoff around 10,000 employees.

According to Spotify, this layoff is a part of a company restructure, since major positions such as chief content and advertising business officer, Dawn Ostroff was also let go.

Right before entering 2023, Spotify announced that it will slow down its hiring process in the following year, but is now laying off employees.

This pattern of slowing down hiring and then laying off employees is somewhat similar in almost all tech companies that overhired during the pandemic.

Announcing the layoffs, Spotify CEO Daniel Ek wrote that “I take full accountability for the moves that got us here today.”

 

Read more:

7 Lessons To Learn Before Success Comes In An Alternative Business Lifestyle

Sponsored
Abdullah Shahid

Share
Published by
Abdullah Shahid

Recent Posts

Rumors Indicate iPhone 17 May Feature Unconventional Camera Design

Apple is reportedly preparing for a significant design overhaul with its iPhone 17 series, blending…

6 hours ago

First AI-Powered Teacher Launched in Pakistan’s Private School

Karachi: A private school in Karachi has unveiled Pakistan’s first AI-powered teacher, a groundbreaking move…

7 hours ago

Yahoo Surprises Users with Its Latest Android Launcher

Third-party apps have long been a staple of the Android ecosystem, but their appeal has…

9 hours ago

Phase-II Review of PTCL-Telenor Deal Finalized by CCP

ISLAMABAD: The Competition Commission of Pakistan (CCP) has completed its Phase-II review of Pakistan Telecommunication…

9 hours ago

Xiaomi’s SU7 Achieves New Production Record, Driving Q3 Growth

Xiaomi has shattered records by producing 100,000 vehicles in just 230 days. This is nearly…

10 hours ago

Teachers Can Now Access OpenAI’s Free AI Course

OpenAI, in collaboration with nonprofit organization Common Sense Media, announced on Wednesday the launch of…

11 hours ago