Spotify will lay off some 6% of its 6,600-strong workforce as the streaming giant is the latest tech firm to undertake cost-cutting measures to cope with a struggling economy.
The Sweden-based company will shed some 400 employees who will be paid an aggregate of between $38 million and $48 million in severance,
“As part of this effort, and to bring our costs more in line, we’ve made the difficult but necessary decision to reduce our number of employees,” Ek said.The Hollywood Reporter via Getty“As you are well aware, over the last few months we’ve made a considerable effort to rein in costs, but it simply hasn’t been enough,” Ek said.
Terminated employees will receive approximately five months’ severance, accrued and unused paid time off, and health insurance during the severance period, according to Ek.
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.
Top Wall Street analysts pick these stocks to climb 2023’s wall of worryTipRanks analyst ranking service pinpoints Wall Street's best-performing stocks, including Apple and Spotify.
Read more »
Spotify to cut staff as soon as this week - Bloomberg NewsSpotify Technology is planning layoffs as soon as this week to cut costs, Bloomberg News reported on Sunday, joining the likes of Alphabet Inc , Amazon.com Inc , Microsoft Corp who have cut thousands of jobs recently.
Read more »
Spotify reportedly planning layoffs as soon as this weekAfter slowing its pace of hiring last year, Spotify Technology SA is planning layoffs as soon as this week, according to a new report, adding to the wave of...
Read more »
Spotify Layoffs Expected as Soon as This WeekThe audio company employs around 9,800 people.
Read more »
Spotify layoffs: Music streaming business to cut 6% of workforceOver the past few months, major tech companies have swiftly reversed a pandemic hiring spree that saw them add thousands of workers to keep up with a surge in demand from households and businesses for services such as online shopping and videoconferencing.
Read more »
Spotify axes jobs in latest round of tech industry layoffsCEO Daniel Ek announced the restructuring in a message to employees that was also posted online.
Read more »