Spotify Axes 6% Of Its Workforce
Spotify a music streaming company has said it’s going to reduce its workforce by 6% which will also see its chief content officer, Dawn Ostroff leave.
A Sweden- based US firm on a memorandum published by its Chief Executive Officer Daniel EK, the firm has a reached a decision after experiencing low ads inlet that have been the main source of income.
Amid the COVID-19 pandemic, the lives of people have been tough making the economy too high for even the firm to get ads from clients.
The lay off will see nearly 600 employees axed in order to make the company run its business at a profit.
Spotify had said in October, 2022 that it would slow down hiring for the rest of the year and into 2023.
“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” says Daniel EK, CEO Spotify.
The company which globally has been having about 10,000 staffs, is the latest to join Alphabet, a Google partner which has axed 12, 000 employees.
Amazon was the first tech house with a mass lay off of 18, 000 employees and later Microsoft is axing 10, 000 staffs.
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