Spotify plans to cut 17% of its workforce, reducing 1,500 out of 9,241 worldwide employees, according to a memo from CEO Daniel Ek.
Spotify Lay Off
Spotify is laying off employees for the third time, following a significant increase in headcount in 2020 and 2021. The decision was made due to a gap between financial goals and operational costs, despite efforts to enhance content, marketing, and new verticals in 2022 and 2023.
During the layoff, employees released will receive severance pay, PTO, healthcare, and two months of work eligibility after two months.
The trimming of employees by the audio streaming company is part of its plan to shift its workforce to a more focused approach, aiming for a strategic re-orientation and resourcefulness in future operations, problem-solving, and innovation.
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