Spotify CEO Daniel Ek announced the company’s plan to lay off 1,500 employees, which accounts for 17% of its workforce.
The decision is part of cost-cutting measures to address economic challenges and capital constraints.
The company has faced financial struggles and is aiming for profitability by 2024. (Trending: Tucker Reveals The Moment He Became A Full-Blown Trump Supporter)
“Over the last two years, we’ve put significant emphasis on building Spotify into a truly great and sustainable business…. While we’ve made worthy strides, as I’ve shared many times, we still have work to do,” Ek said.
“Economic growth has slowed dramatically and capital has become more expensive. Spotify is not an exception to these realities.”
“Being lean is not just an option but a necessity.”
The layoffs come after Spotify’s investment in podcasting, including a high-profile deal with Meghan Markle, and the implementation of price increases for its subscription plans.
Additionally, Spotify is expected to introduce a premium subscription option with exclusive features to improve profitability.
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