Spotify has announced that It is laying off 17% of its employees globally in an attempt to cut costs, CEO Daniel Ek announced to staff. Ek said that slowing economic growth and rising costs were to blame for the cuts mainly.
Today, we still have too many people dedicated to supporting work and even doing work around the work rather than contributing to opportunities with real impact. As we’ve grown, we’ve moved too far away from this core principle of resourcefulness,” he later added.
Ek wrote“As we’ve grown, we’ve moved too far away from this core principle of resourcefulness
Employees impacted by Spotify’s latest layoffs will receive five months of severance pay according to Ek’s memo.
Read the full memo here.
