In order to improve efficiency the Swedish music-streaming company said it would lay off 600 workers.
Spotify the world’s largest music streaming service announced that it is lying off around 6% of its 10,000 employees.
During an announcement of the layoffs, Spotify CEO Daniel Ek said he was too ambitious in investing ahead of revenue growth.
After the tech crash, Spotify has added itself to the list of companies that have been laid off despite its significant user base.
Google parent Alphabet and Microsoft made similar layoff announcements last week. Google laid off around 12,000 employees while Microsoft laid off around 10,000.
The layoff is part of a company restructuring since major positions such as Dawn Ostroff chief content and advertising business officer have also been eliminated.
Earlier this year, Spotify announced it would slow down its hiring process in 2023 but it is now lying off employees.
In almost all tech companies that over-hired during the pandemic this pattern of slowing hiring and then laying off employees is somewhat similar.
“I take full responsibility for the moves that led to this point,” Spotify CEO Daniel Ek wrote, announcing the layoffs.
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