The music streaming platform Spotify becomes the latest tech company to cut jobs. The company announced that 600 of the workforce will lose their jobs. What let the move is due to slow growth of the current economic climate.
“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,” Spotify co-founder and CEO Daniel Ek said in a note sent to its employees.
The Spotify CEO, Ek went further to say: “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,” he added.
Spotify plans to do more with fewer staff members, which means employees are expected to do the jobs they are hired for and more.
“We still spend far too much time syncing on slightly different strategies, which slows us down. And in a challenging economic environment, efficiency takes on greater importance,” he said.
The company also reported some changes in the management, Dawn Ostroff, the chief content and advertising business officer, will leave the company.
Alex Norström will become the only person in charge of the business as Spotify’s new chief business officer, he used to be the chief freemium business officer. Spotify joins a long list of tech companies to cut jobs, the likes of Meta, Microsoft and Amazon.
