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The music streaming platform Spotify has revealed that it will conduct layoffs affecting around 6 per cent of its worldwide workforce.
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In the company's most recent earnings announcement, Spotify announced the number of full-time workers employed by Spotify.
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The move today will affect around 600 employees.
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“Like many other leaders, I hoped to sustain the strong tailwinds from the pandemic and believed that our broad global business and lower risk to the impact of a slowdown in ads would insulate us,” Spotify co-founder and CEO Daniel Ek said in a note sent to its employees.
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“In hindsight, I was too ambitious in investing ahead of our revenue growth.
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And for this reason, today, we are reducing our employee base by about 6% across the company.
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