Spotify staff could be listening to a funerary dirge in their ownSpotify Wraps.
Spotify CEO Daniel Ekblamedthe layoffs on slowing economic growth and how capital has become more expensive.
The Spotify CEO said on Monday the company now has to reduce costs.
Spotify CEO Daniel Ek said staff were being incredibly productive, but the company just wasn’t acting as efficiently as it could be.Photo: TORU YAMANAKA/AFP (Getty Images)
The 17% of staff is estimated to be nearly 1,600 workers from all over the globe.
The company saw big increases in the total number of users and 11% year-over-year increases in total revenue.
The problem was the company was more productive but less efficient.
The CEO said that going forward, being lean is not just an option but a necessity.
Over the last few months, the streaming service alsoincreased prices for its ad-free subscription plans.
Just in the past few months,Amazon,Nextdoor, andLinkedInall laid off hundreds of staff.
Back in September,Epic Games also laid off hundreds of staffand sold off its music streaming service Bandcamp.
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