Spotify To Lay Off 600 Employees – Spotify CEO Daniel Ek said 6% of the total workforce, or about 10,000 people, would be cut as efficiencies need to be increased. , which had about 9,800 full-time employees last year, is expected to pay out at least €35 million in retirement benefits. Spotify’s CEO, Ek, shared his release to the press on his For the Record on Jan. 23, speaking to all Spotify employees about the company’s reorganization. In a statement, he continued.
We are reducing our employee base across our operations by approximately 6%. I take full responsibility for the steps that have brought us here. Like many other executives, I want to keep the pandemic’s tailwinds strong and believe that reducing the risk of impact from a slowdown in our broader global business and advertising will isolate us.
Spotify To Lay Off 600 Employees
On Monday, Spotify announced plans to lay off about 6% of its workforce worldwide in a bid to cut costs and improve efficiency. CEO Daniel Ek said in a blog post that the company had made the “difficult but necessary decision” to ditch some roles. Ek said he took full responsibility for the layoffs. “In the coming hours, individual discussions will be held with all affected employees,” Spotify said in its third-quarter earnings call that it has 9,808 full-time employees worldwide. Based on that number, about 588 workers would lose their jobs if the workforce were cut by about 6%.
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What is Spotify?
Spotify is a digital music, podcast and video service that gives you access to millions of songs and other content from creators around the world. Basic features like playing music are completely free, but you can also choose to upgrade to Spotify Premium. With or without Premium, you can:
- Get recommendations based on your taste
- Build collections of music and podcasts
- And more!
Spotify is available on various devices such as computers, phones, tablets, speakers, TVs and cars. And with Spotify Connect, you can easily switch from one device to another. Since its launch in 2008, Spotify has changed the way we listen to music forever. Discover, manage and share over 100 million tracks and 5 million podcast tracks for free or upgrade to Spotify Premium for exclusive music including improved sound quality and on-demand, offline, ad-free music listening Please access the features. Today, Spotify is the world’s most popular audio streaming subscription service, with 489 million users including 205 million subscribers in over 180 markets.
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Why did Spotify layoff 600 employees globally?
Music streaming giant Spotify Premium has announced it will cut 6% of its workforce. This means the company will lay off about 600 employees worldwide. His CEO of the Swedish company, Daniel Ek, announced in a memo that he was too ambitious to invest in advance of sales growth. “That’s why we’re cutting headcount by about 6% across the company today. I take full responsibility for the steps that got us here,” he said.As of our last earnings call. said the company had over 9,800 full-time employees.
The average Spotify employee will receive up to five months of severance pay, calculated based on local notification requirements and the employee’s tenure, the company said. “Any unused vacation time accrued will be paid to each employee who leaves. All employees are entitled to two months of outplacement services. Last October, Spotify It reportedly closed 11 original podcasts from its in-house studios as part of its cost-cutting measures, and now the company recently laid off employees.
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