Spotify to lay off 17% of its total workforce

As part of cost-cutting measures.

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Spotify is making a massive change to its workforce, as the Financial Times reports that the music streaming service is set to lay off nearly a fifth of its global workforce as part of cost-cutting and efficiency efforts.

It's said that a total of 17% of Spotify's workforce are losing their jobs, and that this equates to around 1,500 of the approximate 9,000 person team.

Spotify CEO Daniel Ek talked about the decision to lay off such a large part of the workforce by stating, "Considering the gap between our financial goal state and our current operational costs, I decided that a substantial action to rightsize our costs was the best option to accomplish our objectives."

Despite posting high subscriber numbers over 220 million recently, the streaming platform still struggles to turn a profit, and this is why the company is having to lay off such a massive number of employees, even after making a 6% workforce cut (equating to around 200 employees) back in June.

Spotify to lay off 17% of its total workforce

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