'While we have made great progress in improving speed in the last few years, we haven’t focused as much on improving efficiency,' Spotify CEO Daniel Ek said. 'We still spend far too much time syncing on slightly different strategies, which slows us down.
In addition to staff cuts, Spotify announced an executive reshuffling, with Gustav Söderström and Alex Norström moving to the position of co-presidents.
"While we have made great progress in improving speed in the last few years, we haven’t focused as much on improving efficiency," Spotify CEO Daniel Ek wrote in aon Monday. "We still spend far too much time syncing on slightly different strategies, which slows us down. The company blamed its sinking bottom line on the renewal of a large publishing contract outside of the U.S., as well as softness in the ad market.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Spotify cuts 6% of staff as part of cost saving measuresThe moves, which will impact roughly 600 employees, are meant to help Spotify with 'control costs, and speed up decision-making.'
Read more »
6 Underrated K-Dramas Of 2022 That You Might Have Missed6 Underrated K-Dramas Of 2022 That You Might Have Missed
Read more »
2022 Was a Bad Year for Billionaires\u2014But Not Nearly Bad EnoughNo one alive today needs fortunes worth dozens of billions to live astoundingly large. Here's to a world without billionaires.
Read more »
Powerball winning numbers for Saturday, Jan. 21: Jackpot rises to $502 millionIn just a few months, the Powerball jackpot soared to $473 million
Read more »
Too naughty to drive: Why Illinois rejected nearly 400 license plate requests in 2022Nearly 400 requests for personalized or vanity license plates were rejected by the Illinois secretary of state's office last year because they were deemed 'offensive,' joining more than 7,000 other alphanumeric combinations already on the agency's naughty list.
Read more »
6 Underrated K-Dramas Of 2022 That You Might Have Missed6 Underrated K-Dramas Of 2022 That You Might Have Missed
Read more »