Spotify Cuts 17 Percent of Workforce in Third Round of Layoffs This Year

Spotify has laid off 17% of its overall workforce, equating to about 1,500 jobs across the company. CEO Daniel Ek shared the news in a blog post, saying that "economic growth has slowed dramatically and capital has become more expensive."The decisions trace back to investments Spotify made in 2020 and 2021 when the streamer took "advantage of the opportunity presented by lower-cost capital and invested significantly in team expansion, content enhancement, marketing, and new verticals."While the ...