Spotify is cutting almost 1,600 jobs as the music streaming service blamed a slowing economy and higher borrowing costs in the latest round of redundancies at big tech companies.
Daniel Ek, Spotify’s billionaire founder and chief executive, revealed that the company had decided to cut 17% of its workforce, the third and steepest round of redundancies of 2023.
Ek told employees they would receive a calendar invitation “within the next two hours from HR for a one-on-one conversation” if they were affected by the cuts, in a message to staff published on Spotify’s website on Monday.
Big tech companies ranging from Meta and Microsoft to Amazon and Alphabet have retrenched and made large-scale redundancies during 2023 after interest rates rose and investors focused on their ability to cut costs to protect profits.
Spotify continues to maintain high-value podcasting tie-ups, including a controversial deal with Joe Rogan and others with the influencer Emma Chamberlain and the comedian Trevor Noah.
Ek said Spotify had taken advantage of cheap borrowing during 2020 and 2021, when central bankers cut interest rates sharply in response to coronavirus pandemic lockdowns, but that “we now find ourselves in a very different environment”.
The original article contains 367 words, the summary contains 195 words. Saved 47%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Spotify is cutting almost 1,600 jobs as the music streaming service blamed a slowing economy and higher borrowing costs in the latest round of redundancies at big tech companies.
Daniel Ek, Spotify’s billionaire founder and chief executive, revealed that the company had decided to cut 17% of its workforce, the third and steepest round of redundancies of 2023.
Ek told employees they would receive a calendar invitation “within the next two hours from HR for a one-on-one conversation” if they were affected by the cuts, in a message to staff published on Spotify’s website on Monday.
Big tech companies ranging from Meta and Microsoft to Amazon and Alphabet have retrenched and made large-scale redundancies during 2023 after interest rates rose and investors focused on their ability to cut costs to protect profits.
Spotify continues to maintain high-value podcasting tie-ups, including a controversial deal with Joe Rogan and others with the influencer Emma Chamberlain and the comedian Trevor Noah.
Ek said Spotify had taken advantage of cheap borrowing during 2020 and 2021, when central bankers cut interest rates sharply in response to coronavirus pandemic lockdowns, but that “we now find ourselves in a very different environment”.
The original article contains 367 words, the summary contains 195 words. Saved 47%. I’m a bot and I’m open source!