Spotify announces another large layoff: 1500 employees to lose their jobs
10:36 AM EST, December 5, 2023
In another round of layoffs, Spotify, the globally renowned Swedish music service, announced today that 1500 of its employees will be losing their jobs. This follows a 6% reduction in positions earlier this year.
On Monday, the music streaming giant confirmed that a sizable portion of its workforce would be let go. Approximately 17% of the 9800 individuals presently employed by the Swedish corporation are set to lose their jobs.
"Given the discrepancy between our financial targets and current expenses, I've concluded that this is the best course of action to achieve our goals," CEO Daniel Ek stated in a press release.
Layoffs continue
This represents yet another round of layoffs for the company. Earlier this year, Spotify announced a 6% reduction in its workforce.
"Although I am convinced this is the correct course of action for our company's future, I understand the immense hardship this will impose on our team," the Spotify chief expressed.
