BROKEN RECORD

Spotify Slashing 6% of Workforce in Latest Big Tech Layoffs

The music streaming site will let hundreds of workers go, according to reports.

Another day, another round of big tech layoffs. Spotify is planning to reduce its workforce by around 6 percent, staff were told Monday. In a note to workers that was also shared online, CEO Daniel Ek echoed other tech business executives in blaming the end of the pandemic boom and an uncertain economic environment in justifying the need to make savings. “[T]o bring our costs more in line, we’ve made the difficult but necessary decision to reduce our number of employees,” Ek wrote. “Like many other leaders, I hoped to sustain the strong tailwinds from the pandemic and believed that our broad global business and lower risk to the impact of a slowdown in ads would insulate us. In hindsight, I was too ambitious in investing ahead of our revenue growth. And for this reason, today, we are reducing our employee base by about 6% across the company. I take full accountability for the moves that got us here today.” While an exact number of job losses was not given, Spotify said in its latest annual report that it had around 6,600 employees meaning that a 6 percent cut would represent around 400 jobs.