This marks Spotify’s third major round of layoffs this year and highlights the challenges Spotify faces in a changing economic environment. In a heartfelt note to employees, Ek acknowledged that the company had strayed from its core principle of “creativity” because too many people were busy with unnecessary tasks.
The statement guarantees five months of severance pay to affected employees, and medical care will also be paid during this period.
The company had previously reported a significant loss of 462 million euros ($502 million) in the first nine months of 2023.
Source: Ferra
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