Spotify Lays Off 600 Employees Globally

The move will affect about 600 staffers globally
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Music streaming company Spotify on Monday announced to slash 6 per cent of its workforce globally with Daniel Ek taking responsibility.

Music streaming company Spotify on Monday announced to slash 6 per cent of its workforce globally.

In a memo, Daniel Ek, Spotify CEO, announced that he was too ambitious in investing ahead of their revenue growth.

“And for this reason, today, we are reducing our employee base by about 6 per cent across the company. I take full accountability for the moves that got us here,” he said.

As of its last earnings report, the company had just over 9,800 full-time employees.

“Like many other leaders, I hoped to sustain the strong tailwinds from the pandemic and believed that our broad global business and lower risk to the impact of a slowdown in ads would insulate us,” Ek admitted.

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