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Spotify, the world leader in audio platforms, announced on Monday that it will cut 6% of its workforce, or about 600 jobs, thus joining a wave of layoffs among the tech giants.
This is the largest staff reduction in the history of this Swedish company, founded in 2006 in Stockholm and covering more than 500 million subscribers.
“Looking back, I was too ambitious, investing faster than our turnover grew,” said the CEO and co-founder of the company. Daniel Ek39 in an online message to employees.
“For this reason, we are reducing our staff by about 6% across the group,” explained its director.
Spotify It is listed on the New York Stock Exchange and shares rose 4.6% to $97.91 at Monday’s open.
“In the coming hours, individual conversations will be held with the affected employees,” Ek said.
Yes OK Spotify It was spot-on profitable, with the company posting losses for several years despite lightning-fast subscriber growth and an edge over competitors like Apple Music.
The company will publish its full-year results on January 31st.
Spotify and internal cropping
“As you know, in recent months we have made significant efforts to reduce our costs, but this has not been enough,” Ek added.
According to the Scandinavian billionaire, investments Spotify they grew last year twice as fast as their incomes.
“In the long term, this would be impossible under any circumstances, but in difficult conditions at the macroeconomic level, it will be even more difficult to close the hole,” he stressed.
In the last few years, Spotify he has also invested more than one billion euros in the podcast sector, in which he has become a world leader. But the benefits of these investments are not yet known, analysts say.
Betting on this audio format also caused him controversy, such as when American star Joe Rogan was accused of spreading false news on his show.
At the end of September, the platform had about 456 million subscribers. Part, 195 million, is paid for the service. The group aims to have one billion users by 2030.
Its annual turnover reached 9,600 million euros in 2021. [10.400 millones de dólares] – most of it comes from paying subscribers – and the number of employees has tripled in five years and reached 9,800 at the end of September.
Mass layoffs
Announcement about Spotify This follows a series of layoff plans announced by major technology groups in recent weeks.
Other technology companies such as Amazon, Microsoft and Meta have announced massive layoffs that have affected thousands of employees in recent months. Although the majority exceed 10,000, they only make up 5 or 6% of the total. (According to AFP)
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Source: RPP
I am Ben Stock, a passionate and experienced digital journalist working in the news industry. At the Buna Times, I write articles covering technology developments and related topics. I strive to provide reliable information that my readers can trust. My research skills are top-notch, as well as my ability to craft engaging stories on timely topics with clarity and accuracy.