Music-streaming giant Spotify is cutting its workforce by 17 per cent, its chief executive Daniel Ek said. He said that these layoffs are part of the company’s plans to turn Spotify “right-sized” as well as to align with the company’s future goals. Economic growth has “slowed dramatically and capital has become more expensive”, said the CEO.
“To align Spotify with our future goals and ensure we are right-sized for the challenges ahead, I have made the difficult decision to reduce our total headcount by approximately 17% across the company. I recognize this will impact a number of individuals who have made valuable contributions. To be blunt, many smart, talented and hard-working people will be departing us,” said Ek.
Seventeen per cent of its workforce is estimated to be around 1,500 employees. Spotify had laid off 600 employees in January, followed by 200 in June.
In a letter to the employees, Daniel Ek said that they will receive a calendar invite within two hours from HR for a one-on-one conversation. These meetings would take place before Tuesday end of the day.
“To align Spotify with our future goals and ensure we are right-sized for the challenges ahead, I have made the difficult decision to reduce our total headcount by approximately 17% across the company. I recognize this will impact a number of individuals who have made valuable contributions. To be blunt, many smart, talented and hard-working people will be departing us,” said Ek.
Seventeen per cent of its workforce is estimated to be around 1,500 employees. Spotify had laid off 600 employees in January, followed by 200 in June.
In a letter to the employees, Daniel Ek said that they will receive a calendar invite within two hours from HR for a one-on-one conversation. These meetings would take place before Tuesday end of the day.
“To align Spotify with our future goals and ensure we are right-sized for the challenges ahead, I have made the difficult decision to reduce our total headcount by approximately 17% across the company. I recognize this will impact a number of individuals who have made valuable contributions. To be blunt, many smart, talented and hard-working people will be departing us,” said Ek.
Seventeen per cent of its workforce is estimated to be around 1,500 employees. Spotify had laid off 600 employees in January, followed by 200 in June.
In a letter to the employees, Daniel Ek said that they will receive a calendar invite within two hours from HR for a one-on-one conversation. These meetings would take place before Tuesday end of the day.