Music Streamer Spotify To Cut Workforce By 17%
Reading now: 413
deadline.comMusic streaming service Spotify will cut about 17% of its global workforce, becoming the latest big tech company feel the bite of the economy.
The figure represents around 1,500 of the Sweden-based streamer’s 9,000 staff, as is the result of economic growth slowing “dramatically,” according to Spotify CEO Daniel Ek.
Back in January, Spotify said it would cut staff by 6% and announced a hiring slowdown in October, but this move to reduce costs goes much deeper.
However, Ek claimed today’s decision was “not a step back” but “a strategic reorientation.” The New York Stock Exchange-listed company expects to incur costs of at least €35M ($38M) on severance charges.
Read more on deadline.com
The website celebsbar.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
