Spotify is latest big tech company to slash jobs

Spotify has roughly 9,800 workers, according to a regulatory"We still spend far too much time syncing on slightly different strategies, which slows us down," CEO Daniel Elk said in a to employees posted on Spotify's website."And in a challenging economic environment, efficiency takes on greater importance. So, in an effort to drive more efficiency, control costs and speed up decision-making, I have decided to restructure our organization.

Dawn Ostroff, Spotify's chief content office, is also leaving the company as part of the shakeup, Elk said. Ek said that all laid-off workers would find out Monday in"one-on-one conversations." Those affected will get an average of five months' severance pay and health coverage as well as two months' career support, according to the letter.

Based in Sweden, the streaming service has about 450 million monthly users, 195 million of whom pay for an ad-free service. It generated 9.6 billion euros in revenue in 2021, the most recent full year available. But Spotify posted an operating loss for that year, as well as for the first nine months of 2022, as it invested heavily in expansion.

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Spotify layoffs: Music streaming business to cut 6% of workforceOver the past few months, major tech companies have swiftly reversed a pandemic hiring spree that saw them add thousands of workers to keep up with a surge in demand from households and businesses for services such as online shopping and videoconferencing.
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