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Swedish music streaming platform, Spotify, to lay off over 600 staff

By News Desk

The Swedish music streaming giant, Spotify, has disclosed that plans have been concluded to to layoff atleast 6 percent of it’s workforce, so as to cut it’s cost of production.

As gathered, the percentage of workers to be laid off represents 600 from it’s 10,000 workers behind the platform’s daily operations

The move, according to the firm on Monday, was part of it’s ongoing cost-cutting measures introduced to reduce expenses incurred daily by the company.

“In hindsight, I was too ambitious in investing ahead of our revenues growth. And for this reason, today, we are reducing our employee base by about six percent across the company,”

The firm chief executive, Daniel Ek, disclosed the firm, who recently signed agreement with Spanish giant, Barcelona, on Spotify’s official blog

“I take full accountability for the moves that got us here today,” Ek added.

The Swedish company, which is listed on the New York Stock Exchange, has invested heavily since its launch to fuel growth with expansions into new markets and, in later years, exclusive content such as podcasts.

Spotify has never posted a full-year net profit despite its success in the online music market.

In recent months, tech giants such as Google parent company Alphabet, Facebook-owner Meta, Amazon and Microsoft have announced tens of thousands of job cuts as the sector faces economic headwinds.


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