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5 Dec 2023

17%

Spotify Slashes 1,500 Jobs to Achieve Profitability

Spotify aims to reduce costs and increase profitability, announcing a 17% cut in its workforce, roughly 1,500 jobs. Despite the platform's user growth, with an expected addition of over 100 million in 2023 and a rare last-quarter profit, CEO Daniel Ek cited excessive spending in light of economic challenges and rising capital costs as reasons for the downsizing. [Source](https://www.instagram.com/p/C0b-6BZrVxB/?igshid=MzRlODBiNWFlZA==)