(HYPEBOT<\/strong><\/span><\/a>) – Spotify is laying off 17% of its global workforce, or 1500 of its estimated 9000 employees, the streamer said in a memo to staff Monday. This round of layoffs followed a 6% or\u00a0600-person reduction in January<\/a>, with 200 more let go in June.<\/p>\n

While Spotify has become the world\u2019s top streaming service, it has struggled to find consistent profitability. Wall Street reacted positively in early trading Monday.<\/p>\n

There is no indication yet on who will be affected, but layoffs of this magnitude are often spread across all or most departments. Employees who let go will reportedly begin to receive notices later today.<\/p>\n

\u201cI recognize this will impact a number of individuals who have made valuable contributions,\u201d\u00a0CEO Daniel Ek\u00a0<\/strong>wrote in the memo to staff obtained by the Financial Times<\/a>. \u201cTo be blunt, many smart, talented, and hard-working people will be departing us.\u201d<\/p>\n

\u201cConsidering the gap between our financial goal state and our current operational costs,\u201d Ek continued, \u201cI decided that a substantial action to rightsize our costs was the best option to accomplish our objectives.\u201d<\/p>\n

Major tech companies, including\u00a0Amazon, Google, Meta, Twitter<\/strong>, and\u00a0Netflix,<\/strong>\u00a0have cut an estimated 250,000 jobs this year.<\/p>\n

Bruce Houghton<\/strong>\u00a0is the Founder and Editor of\u00a0Hypebot<\/a>, a Senior Advisor at\u00a0Bandsintown<\/a>, President of the\u00a0Skyline Artists Agency<\/a>, and a\u00a0Berklee College Of Music<\/a>\u00a0professor.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

(HYPEBOT) – Spotify is laying off 17% of its global workforce, or 1500 of its estimated 9000 employees, the streamer said in a memo to staff Monday. This round of layoffs followed a 6% or\u00a0600-person reduction in January, with 200 more let go in June. While Spotify has become the world\u2019s top streaming service, it<\/p>\n","protected":false},"author":29,"featured_media":63447,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_stc_notifier_status":"sent","_stc_notifier_sent_time":"2023-12-04 10:32:48","_stc_notifier_request":false,"_stc_notifier_prevent":false,"_stc_subscriber_keywords":"","_stc_subscriber_search_areas":"","footnotes":""},"categories":[51,75,22,77],"tags":[143],"class_list":["post-143455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news","category-business-news","category-industry_news","category-techn-news","tag-spotify"],"acf":[],"yoast_head":"\n