On Monday, Spotify CEO Daniel Ek revealed plans to reduce its workforce by approximately 17%. In a message to the staff published on the company’s website, Ek stated, “To be direct, many intelligent, talented, and hardworking individuals will be leaving our team.”
This move comes after two previous rounds of layoffs earlier this year. The Stockholm-based music streaming service, with around 9,200 employees, had previously announced a 6% cut in January and an additional 2% cut in June, as reported in filings with the U.S. Securities and Exchange Commission.
Ek attributed the decision to the significant slowdown in economic growth and the increased cost of capital, noting that Spotify is not exempt from these challenges.
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