Spotify is to reduce 6% of the workforce, approximately 600 employees

– Swedish streaming giant said it is cutting six percent of its roughly 10,000 employees, the latest cost-cutting announcement among tech .

“In retrospect, I was too ambitious when it came to investing ahead of our revenue growth. And for this reason, today we are reducing our employee base by approximately six percent across the company,” Spotify CEO Daniel said on Spotify’s official blog.

“I take full responsibility for the moves that got us here today,” Ek added.

The Swedish company, which is listed on the New York Stock Exchange, has invested heavily since its launch to drive growth with expansions into new markets and, in recent years, exclusive content such as podcasts.

Spotify has never reported a full-year profit despite its success in the online music market.

In recent months, tech giants such as parent Alphabet, owner Meta, Amazon and have announced tens of thousands of cuts as the sector faces economic headwinds.

    Source: sn.dk

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