Like other technology companies, Spotify must make massive layoffs
THE Spotify, one of the largest music and podcasts streaming platforms, announced the layoff of around 600 employees. This represents 6% of all company employees. Daniel Ekpresident and founder, justified the decision in an open letter (via The Guardian)
“While I believe this is the right decision for the Spotify, I understand that with our historic focus on growth, many of you will see this as a shift in our culture. But as we grow and evolve as a company, the way we work must also evolve, while staying true to our principles,” he argued about the contradictory decision.
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Second Danielthe company had difficulties in reducing expenses – which were becoming greater than profits in 2022: “As you know, in recent months we have made a lot of effort to control expenses, but that was not enough.”
“Like many other global leaders, I expected to continue as the pandemic progressed and believed that our global reach and lower risk of diminishing ads would insulate us from this. I was very ambitious in investing without sales growth,” he added.
THE Spotify joins the Microsoft and amazonwhich respectively cut 10,000 and 18,000 employees recently.
Source: Rollingstone
Earl Johnson is a music writer at Gossipify, known for his in-depth analysis and unique perspective on the industry. A graduate of USC with a degree in Music, he brings years of experience and passion to his writing. He covers the latest releases and trends, always on the lookout for the next big thing in music.
