Key Points
SummaryCompaniesIt laid off 600 employees in January, 200 staff in JuneCEO says debated making smaller reductions in 2024, 2025Employees to get 5 months severance payment..
STOCKHOLM, Dec 4 (Reuters) - Music streaming giant Spotify (SPOT.N) said on Monday that it will lay off around 1,500 employees, or 17% of its headcount, to bring down costs, after letting 600 of its staff go in January, and 200 more in June...
In a letter to employees, Spotify CEO Daniel Ek said the company hired more in 2020 and 2021 due to the lower cost of capital and while its output has increased, much of it was linked to having more resources...
Spotify invested more than a billion dollars to build up its podcast business, signed up celebrities such as Kim Kardashian, Prince Harry and Meghan Markle, and expanded its market presence in most countries in the world in its quest to reach a billion users by 2030...
In the third quarter the company swung to a profit, aided by price hikes in its streaming services and growth in subscribers in all regions, and the company forecast that its number of monthly listeners would reach 601 million in the holiday quarter...
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