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Spotify cuts 6% of its staff, joining other digital companies in the same job-cutting act

As the economy continues to deteriorate, another major business, Spotify, has announced that it will be eliminating 6% of its workers.

The restructuring was disclosed in a note to staff that CEO Daniel Ek also put online.

Spotify cuts 6% of its staff

We’ve made the challenging but essential decision to downsize our workforce to more closely match our costs, Ek stated.

This month, major tech firms like Amazon, Microsoft, and Google made tens of thousands of job layoffs as the Covid pandemic-related economic boom began to fade.

Ek claimed that Stockholm-based Spotify was the same.

“I intended to maintain the pandemic’s strong tailwinds and assumed that our extensive global operation and decreased vulnerability to the effects of a slowdown in advertising would protect us. I should not have invested before our sales increase, in retrospect,” Ek remarked.

Without providing an exact amount of job losses, he said the corporation is reducing its global staff by around 6%. According to Spotify’s most recent annual report, the company employed roughly 6,600 employees, which suggests that 400 positions are being eliminated.

Ek added, “I fully accept responsibility for the actions that brought us to this point.

FAQs

How much employment has Spotify reduced?

As the economy continues to deteriorate, another major business, Spotify, has announced that it will be eliminating 6% of its workers.

Also Read | Google Layoff 12000 positions, More Details Inside

Riya Kapoor

An English Hons graduate from Delhi University who has a strong passion for writing,reading and bringing out life to the words she pens. Khushi Sabharwal is a selectively extrovert person who opens her heart out only to the people that match her aura.She has a strong vision of her own and wants to make sure she achieves everything that she dreams about.She has been working as a content writer for the past few years and has worked with some prominent news websites like shethepeople.tv. She has contributed to the organization in terms of women-centric motivational pieces, stories, real time based news pieces and entertainment listicles and news. She has expertise in tech, entertainment and real time based news pieces.

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