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Spotify to axe 1,500 workers to save costs (www.bbc.com)
submitted 11 months ago by [email protected] to c/[email protected]
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[–] [email protected] 1 points 11 months ago

This is the best summary I could come up with:

Swedish music-streaming giant Spotify has announced it is cutting 17% of its workforce, about 1,500 jobs, as the company seeks to clamp down on costs.

Spotify employs about 9,000 people, and Mr Ek said "substantial action to rightsize our costs" was needed for the company to meet its objectives.

Mr Ek said that given the recent "positive" results, the job cuts being announced "will feel surprisingly large" for many people.

He said Spotify had considered making smaller reductions during 2024 and 2025, but decided that more drastic action was needed to improve the company's finances.

Since it launched, Spotify has spent a lot of money on growing the business, and in securing exclusive content such as podcasts created by the likes of Michelle and Barack Obama as well as the Duke and Duchess of Sussex.

Commenting on podcast content, Mr Ek told the BBC in September: "The truth of the matter is some of it has worked, some of it hasn't."

The original article contains 302 words, the summary contains 161 words. Saved 47%. I'm a bot and I'm open source!