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Spotify to axe 1,500 workers to save costs

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    9 minutes ago

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Swedish music-streaming giant Spotify has announced it is cutting 17% of its workforce, about 1,500 jobs, as the company seeks to clampdown on costs.

Chief executive Daniel Ek said he had made the “difficult” decision with economic growth slowing “dramatically”.

Spotify employs about 9,000 people, and Mr Ek said “substantial action to rightsize our costs” was needed for the company to meet its objectives.

He added he understood the cuts would be “incredibly painful for our team”.


“I recognize this will impact a number of individuals who have made valuable contributions”, he said. “To be blunt, many smart, talented and hard-working people will be departing us.”

Spotify cut staff earlier this year but the plans announced on Monday dwarf those previous plans.

In its latest results, Spotify had reported a profit of €65m (£55.7m) for the three months to September – its first quarterly profit for more than a year – helped by price rises and higher subscriber numbers.

Mr Ek said that given the recent “positive” results, the job cuts being announced “will feel surprisingly large” for many people.

He said the company considered making smaller reductions during 2024 and 2025.

“Yet, considering the gap between our financial goal state and our current operational costs, I decided that a substantial action to rightsize our costs was the best option to accomplish our objectives,” he said.

“Despite our efforts to reduce costs this past year, our cost structure for where we need to be is still too big.”

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