{"id":69150,"date":"2023-12-04T15:16:24","date_gmt":"2023-12-04T15:16:24","guid":{"rendered":"https:\/\/rapidcelnews.com\/?p=69150"},"modified":"2023-12-04T15:16:24","modified_gmt":"2023-12-04T15:16:24","slug":"spotify-cuts-17-percent-of-workforce-in-third-round-of-layoffs-this-year","status":"publish","type":"post","link":"https:\/\/rapidcelnews.com\/entertainment\/spotify-cuts-17-percent-of-workforce-in-third-round-of-layoffs-this-year\/","title":{"rendered":"Spotify Cuts 17 Percent of Workforce in Third Round of Layoffs This Year"},"content":{"rendered":"

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 \u201ceconomic growth has slowed dramatically and capital has become more expensive.\u201d<\/p>\n

The decisions trace back to investments Spotify made in 2020 and 2021 when the streamer took \u201cadvantage of the opportunity presented by lower-cost capital and invested significantly in team expansion, content enhancement, marketing, and new verticals.\u201d<\/p>\n

While the investments were initially profitable, a slowdown in growth has resulted in high operating costs that don\u2019t match up to Spotify\u2019s revenue or its financial goals. Ek wrote that the company debated making smaller cuts throughout 2024 and 2025 but had no choice but to commit to a wider round of layoffs.<\/p>\n

The streamer has previously cut jobs in January and June with about 800 employees laid off between those two occasions.<\/p>\n

Spotify said it will be paying employees five months of severance, as well as paying out their unused PTO. It also plans to work with those whose immigration status is tied to their jobs and will provide career support to all of those laid off.
\nSource: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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 \u201ceconomic growth has slowed dramatically and capital has become more expensive.\u201d The decisions trace back to investments Spotify made in 2020 and 2021 when the streamer […]<\/p>\n","protected":false},"author":2,"featured_media":69149,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"yoast_head":"\nSpotify Cuts 17 Percent of Workforce in Third Round of Layoffs This Year - rapidcelnews.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/rapidcelnews.com\/entertainment\/spotify-cuts-17-percent-of-workforce-in-third-round-of-layoffs-this-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Spotify Cuts 17 Percent of Workforce in Third Round of Layoffs This Year - rapidcelnews.com\" \/>\n<meta property=\"og:description\" content=\"Spotify has laid off 17% of its overall workforce, equating to about 1,500 jobs across the company. 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